Security First Insurance's recent filing for an 8% statewide homeowners rate decrease could provide significant relief to numerous Florida households, according to Loreen West, Editor of Live Insurance News. West made this statement on LinkedIn.
"Finally, some good news for Florida homeowners," said West, according to LinkedIn. "Security First Insurance has just filed for an 8% statewide rate DECREASE. This could bring some much-needed relief to thousands of households. Recent legislative reforms are starting to pay off."
Before the implementation of state insurance reforms, Florida homeowners faced average rate increases of 34% from 2020 to 2023, among the highest in the United States. Insurers attributed these hikes to excessive litigation and rising reinsurance costs, creating challenges for many families trying to maintain their coverage. The proposed rate decrease by Security First Insurance suggests that recent reforms and a milder storm season are alleviating these pressures.
According to Insurance Journal, Florida’s Office of Insurance Regulation has recently approved several insurers' filings to reduce homeowners rates for the first time in years. Security First Insurance's proposed 8% reduction follows similar cuts by Heritage and Slide Insurance, indicating a stabilizing market influenced by legislative reforms from 2022–2023 and decreasing reinsurance costs.
The 2025 Atlantic hurricane season was notably mild, with only eight named storms and three hurricanes—below the 30-year average of 14 storms and seven hurricanes. No hurricanes made landfall in Florida, allowing insurers to avoid major losses and replenish reserves. This calm season has led to lower claims volumes and improved financial stability across the state's homeowners insurance market.
Loreen West is the Editor of Live Insurance News, a digital publication she founded to make insurance topics accessible for both consumers and professionals. With over 25 years of experience as an agent, agency owner, and publisher, West focuses on translating regulatory and market changes into clear insights that help readers make informed coverage decisions.