Security First cuts Florida condo rates by 7.3%

Security First Insurance is reducing the average rate on Florida condo HO-6 policies by 7.3%.

The company announced the statewide average decrease on Oct. 20. The cut applies to both new applicants and those renewing existing policies.

Melissa Burt DeVriese, the company's president, stated that the reduction in the Tampa Bay area will be between 5% and 7%. She told Tampa Bay 28 anchor Nadeen Yanes that the changes could provide relief to approximately 21,000 condo policyholders across the state.

Security First is introducing several new discounts and coverage options for these residents. These additions include a bundle discount for home and auto policies, specific discounts for military members and first responders, and a disappearing deductible feature. The insurer is also expanding its limited water damage coverage and broadening eligibility for certain condo properties.

DeVriese cited recent legislative reforms in Tallahassee as a primary reason for the rate decrease. She said the new laws help condominium boards maintain buildings effectively. "We think the condo market's in a pretty good place," DeVriese said. "We feel like our rates are very reasonable. We feel like they cover the risk that's out there."

The move marks a reversal for the company. Security First reduced its condo business book in 2017 as market conditions became more difficult. DeVriese described the company as "very bullish" on the current market and is looking to grow its presence, particularly along the coast.

DeVriese advised condo owners who are still seeing premium increases to shop around. She noted that more companies are entering the Florida insurance market, which may allow owners to find lower premiums.