Security First Insurance is lowering homeowners insurance rates by an average of 5.6%, the latest in a series of rate decreases the Ormond Beach-based company has made over the last two years.
The company holds about 155,000 policies in Florida.
Along with the rate cut, Security First is launching a disappearing deductible program. Company President Melissa Burt DeVriese explained how it works.
"What this is, over the course of five years, every year your deductible goes down 20 percent as long as you don't have a loss; once you have a loss, the discounted deductible applies and then it resets back to the full deductible amount so it rewards consumers who don't have losses," Burt DeVriese said.
Burt DeVriese said the move is a sign of the improving insurance landscape in Florida, pointing to more companies and more competition in the market.
Still, many Florida homeowners continue to struggle with costs.
According to Insurify, the average homeowners insurance premium in Florida sits around $8,200 a year.
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