Own a Florida condo? Security First Insurance is cutting rates across Tampa Bay

For Florida condo owners who have spent years watching insurance costs climb, one insurer is now moving rates in the other direction.

Security First Insurance announced a 7.3% statewide average rate decrease for its condo HO-6 policies on Oct. 20. The decrease applies to both new and renewing policies.

“We’re lowering the price of our condos about 5-7% in the Tampa Bay area,” said Security First President Melissa Burt DeVriese. “We’re opening more areas, especially along the coast.”

DeVriese told Tampa Bay 28 anchor Nadeen Yanes the changes could bring relief to roughly 21,000 condo policyholders across Florida.

WATCH: Own a Florida condo? Security First Insurance is cutting rates across Tampa Bay

Own a Florida condo? Security First Insurance is cutting rates across Tampa Bay

The company is also expanding discounts and coverage options available to condo owners. Those include a new home and auto bundling discount, discounts for military members and first responders, and a disappearing deductible.

The changes come after years of turmoil in Florida’s property insurance market and significant challenges for condominium owners.

When asked how Security First is able to cut rates amid those challenges, DeVriese pointed to changes in the market and reforms passed in Tallahassee.

“We think the condo market’s in a pretty good place. We feel like our rates are very reasonable. We feel like they cover the risk that’s out there,” DeVriese said. “There have been a lot of reforms. There’s been a lot of legislation coming from Tallahassee to help boards of condos ensure that they’re maintaining the buildings.”DeVriese said Security First is now “very bullish” on the condo market and is looking to grow.

That’s a notable shift for the company. DeVriese said Security First previously reduced its condo book of business in 2017 as conditions in the market became more difficult.

Now, the company sees an opportunity to expand again.

Beyond the rate decrease, Security First is adding several options for condo policyholders, including expanded limited water damage coverage and broader eligibility for certain condo properties.

For condo owners still seeing premiums rise, DeVriese’s advice is simple: shop around, as condo owners may find a lower premium as more companies are entering Florida’s insurance market.