- July 26, 2024
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Security First Insurance Company announced a rate reduction on two of its insurance products at their 2024 Storm Response Showcase on May 15 at its headquarters in Ormond Beach.
Chief Financial Officer Jimmy Patronis attended the Storm Response Showcase, joining Locke Burt, former Florida Senator and Security First’s current CEO, as he announced the rate reductions. For the first time in nine years, Security First reports it's going to be reducing its Signature Home Insurance rates by 5.2%.
"This represents a major shift for our customers — and it’s a direct result of the hard work our local representatives and CFO Patronis have done to improve the legal environment in Florida and it’s a result of the hard work all of our team members have done to give great customer service," a press release states.
In addition, the company's Renters rates are going down by 5.9%. Both rate reductions will be effective at the end of August 2024. Earlier this year, our Dwelling Fire rates went down 2.5%. These three rate reductions could result in an average annual premium savings ranging from $160 - $230 for Security First customers.
This rate reduction is in addition to legislation that was recently passed that will reduce certain taxes and fees that are charged on insurance policies and could mean an additional $100 - $120 in savings for consumers. The combination of our rate reduction and these legislative changes mean that in total, Security First customers could see savings ranging from $260 - $350.
"The result of this legislation has been an improvement in the financial results for companies like mine and we’re happy to pass along the benefits to our customers in the form of reduced rates," Security First CEO Locke Burt said. “ His presence highlights the importance of the work our team members and valued partners in our First Choice Repair Network® are doing to support homeowners in Florida.”
