{"id":21867,"date":"2024-05-17T16:10:22","date_gmt":"2024-05-17T16:10:22","guid":{"rendered":"https:\/\/www.insurancejournal.com\/?p=774737"},"modified":"2024-05-17T16:10:22","modified_gmt":"2024-05-17T16:10:22","slug":"security-first-touts-5-rate-decrease-for-ho-3-renters-policies-in-florida","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2024\/05\/17\/security-first-touts-5-rate-decrease-for-ho-3-renters-policies-in-florida\/","title":{"rendered":"Security First Touts 5% Rate Decrease for HO-3, Renters Policies in Florida"},"content":{"rendered":"<ul class=\"nav nav-tabs tabs tabs-entry\">\n<li class=\"active\"><a href=\"https:\/\/www.insurancejournal.com\/news\/southeast\/2024\/05\/17\/774737.htm\">Article<\/a><\/li>\n<li><a href=\"https:\/\/www.insurancejournal.com\/news\/southeast\/2024\/05\/17\/774737.htm?comments\" rel=\"nofollow\">0 Comments<\/a><\/li>\n<\/ul>\n<div class=\"article-content clearfix\">\n<p>Citing the stabilizing impact that legislative reforms have had on the Florida market, Security First Insurance Co. executives this week announced two residential property rate reductions of more than 5%.<\/p>\n<p>\u201cFor the first time in nine years, we\u2019re going to be reducing our Signature Home Insurance (HO3) rates by 5.2%. This represents a major shift for our customers,\u201d the Ormond Beach-based carrier said in a statement this week.<\/p>\n<div class=\"bzn bzn-sized bzn-intext\">\n<ins data-revive-zoneid=\"79\" data-revive-topics=\"pricing-trends,trends\" data-revive-companies data-revive-block=\"1\" data-revive-id=\"36eb7c2bd3daa932a43cc2a8ffbed3a9\"><\/ins> <\/div>\n<p>The company, which had some 139,000 policies in force at the end of April \u2014 a drop of 20,000 policies in the last two years \u2014 also announced a 5.9% average reduction in renters, or HO-4 rates, effective at the end of August. Earlier this year, Security First\u2019s DP-3 rates also were dropped by 2.5%.<\/p>\n<p>The three rate decreases could result in an average premium reduction of $160 to $230 for policyholders.<\/p>\n<figure id=\"attachment_772202\" aria-describedby=\"caption-attachment-772202\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-772202 size-full\" src=\"https:\/\/www.insurancejournal.com\/app\/uploads\/2024\/04\/Locke-Burt.jpg\" alt width=\"127\" height=\"212\"><figcaption id=\"caption-attachment-772202\" class=\"wp-caption-text\">Burt<\/figcaption><\/figure>\n<p>Security First CEO Locke Burt, himself a former state senator, credited statutory changes made in 2022 and 2023 that appear to have had a limiting effect on claims litigation, roof claims and attorney fees that insurers had blamed for major losses and premium increases.<\/p>\n<p>\u201cThe result of this legislation has been an improvement in the financial results for companies like mine and we\u2019re happy to pass along the benefits to our customers in the form of reduced rates,\u201d Burt said in a statement.<\/p>\n<p>\u201cThis filing reflects all premium savings that are reasonably expected to result from legislative enactments and are in accordance with generally accepted and reasonable actuarial techniques,\u201d the Davies North America actuarial firm wrote in Security First\u2019s Feb. 2 HO-3 filing with the Florida Office of Insurance Regulation.<\/p>\n<p>Florida\u2019s CFO, Jimmy Patronis, joined Burt and other company leaders at a storm response showcase event this week, which also highlighted the carrier\u2019s network of repair contractors.<\/p>\n<div class=\"bzn bzn-sized bzn-intext-2\">\n<ins data-revive-zoneid=\"162\" data-revive-topics=\"pricing-trends,trends\" data-revive-companies data-revive-block=\"1\" data-revive-id=\"36eb7c2bd3daa932a43cc2a8ffbed3a9\"><\/ins> <\/div>\n<p>\u201cWe\u2019re at 15 months right now and days like today are the good days in the process, where the Legislature can look at our partners and the regulated industries like insurance and say thank you for helping us do the right thing for the policyholders of this state,\u201d Patronis said.<\/p>\n<p>The rate news comes a month after Boca Raton-based Florida Peninsula Insurance announced an average 2% decrease in homeowners and condominium policy rates.<\/p>\n<p>Policyholders across the state have hoped for rate decreases following the 2022 legislative reforms, but some in the industry had predicted that cuts would not materialize \u2013 only that the changes would help to limit further premium increases.<\/p>\n<p>Now, though, industry advocates have suggested that more carriers will soon follow with their own rate filings, giving homeowners at least some small measure of relief.<\/p>\n<p class=\"tagtag\"> <span class=\"tagtag\">Topics<\/span> <a href=\"https:\/\/www.insurancejournal.com\/location\/florida\/\" class=\"btn btn-sm btn-primary tagtag\">Florida<\/a> <a href=\"https:\/\/www.insurancejournal.com\/trends\/\" class=\"btn btn-sm btn-primary tagtag\">Trends<\/a> <a href=\"https:\/\/www.insurancejournal.com\/pricing-trends\/\" class=\"btn btn-sm btn-primary tagtag\">Pricing Trends<\/a> <\/p>\n<\/p><\/div>\n<div class=\"article-poll\" data-post=\"774737\">\n<div class=\"article-poll-vote\">\n<p>Was this article valuable?<\/p>\n<\/p><\/div>\n<div class=\"article-poll-feedback voted-no\">\n<form class=\"feedback-form\">\n<p>Thank you! Please tell us what we can do to improve this article.<\/p>\n<p> <textarea placeholder=\"Enter your feedback...\"><\/textarea> <button type=\"submit\" class=\"submit\" disabled>Submit<\/button> <button class=\"cancel\">No Thanks<\/button> <\/form>\n<\/p><\/div>\n<div class=\"article-poll-feedback voted-yes\">\n<form class=\"feedback-form\">\n<p>Thank you! <span class=\"percent\"><\/span>% of people found this article valuable. Please tell us what you liked about it.<\/p>\n<p> <textarea placeholder=\"Enter your feedback...\"><\/textarea> <button type=\"submit\" class=\"submit\" disabled>Submit<\/button> <button class=\"cancel\">No Thanks<\/button> <\/form>\n<\/p><\/div>\n<div class=\"article-poll-more-articles\">\n<p class=\"thank-you-text\">Here are more articles you may enjoy.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"subscribe-banner subscribe-banner-in-content-2\">\n<div class=\"content\">\n<h4>Interested in <em>Pricing Trends<\/em>?<\/h4>\n<p>Get automatic alerts for this topic.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Article 0 Comments Citing the stabilizing impact that legislative reforms have had on the Florida market, Security First Insurance Co. executives this week announced two residential property rate reductions of more than 5%. \u201cFor&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":21868,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[83,802,1,803,45],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2024\/05\/security-first-touts-5-rate-decrease-for-ho-3-renters-policies-in-florida.jpg","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/21867"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=21867"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/21867\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/21868"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=21867"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=21867"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=21867"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}