8 insurance companies are reducing rates in 2024

According to recent filings, rates for 2024 show a slight downward trend for the first time in years. Ten companies have filed for a zero-percent increase, and at least eight companies have filed for rate decreases effective in 2024.

Notably, Security First announced on Friday that they are reducing rates by 5.9% for approximately 80,000 to 90,000 policyholders, marking their first rate reduction in nearly a decade.

“We feel very good about the future of Florida, the legal environment, and the legislative changes that have drastically improved the homeowner’s insurance market in the state,” said Melissa Devriese, President of Security First. “We’re looking to grow, add policyholders, and we’re very excited about what this means for consumers.”

Jake Holehouse of HH Insurance Group has also observed improvements in the market. “It’s great news for homeowners. From talking to other carriers we meet with weekly, many are expecting similar rate decreases,” said Holehouse. “Another company of similar size to Security First is filing for about an 8.5% decrease, and another is in the 10% range. There’s a significant shift in the competitive landscape of Florida homeowners insurance.”