Security First Insurance Company Review & Complaints: Homeowner’s Insurance (2024)

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Founded by a former U.S. Senator, the Security First Insurance company provides homeowner’s insurance in the difficult Florida market. The company offers a variety of home products across the state, including property damage coverage through flood insurance.

What is Security First?

Former U.S. Senator Locke Burt founded Security First Insurance in 2005 to create a policy coverage option for residents that was prepared to handle the annual risk of severe hurricane damage. Burt drew on his family’s history in the insurance business for this homeowners insurance offering, going back to his grandfather’s Floridian insurance agency founded in Des Moines, Iowa in 1918.

The company became one of several growing in the Florida market as other major insurance companies were pulling back in response to the high cost of hurricane devastation that wasn’t covered by standard homeowners insurance policies or even flood insurance coverage. The late 2000s saw more small local insurers stepping into that void, and Security First was among the earlier entrants.

Security First writes only home insurance, including variants like renter’s and condo insurance, as well as flood insurance. Products are sold through independent agents, and the company’s headquarters is located in Ormond Beach, Florida.

What are Security First home insurance products?

Serving primarily the Floridian home insurance market, the homeowners insurance policy is the company’s main product, but they have several policies for different types of homes available.

Homeowners

This homeowners insurance policy is available with a dwelling coverage range from $100,000 up to $1,000,000, with the minimum raised to $125,000 in coastal counties.

It is a standard package policy with base coverage for structures, personal property, personal liability, and loss of use. Security First includes replacement cost coverage on the contents of the home as a standard part of the base policy.

There is a list of common endorsements available, including increased replacement cost for the dwelling, animal liability, scheduled personal property, water backup and sump overflow, and equipment breakdown.

There are several discounts offered for homeowners as well, most of which are common. These include security features, the age of the home, wind resistant features and roof shape, and a senior’s discount.

Condo

Condo insurance coverage provides from $25,000 up to $250,000 in coverage for parts of the structure that are the owner’s responsibility, as well as personal property coverage, liability, and loss of use. Like the homeowner’s policy, replacement cost coverage for personal property is standard.

Most of the same endorsements and discounts that are offered on the homeowner’s policy are also available as optional coverages on additional damage to condo owners.

Renter’s

Renters insurance offers coverage mainly for personal property, with limits between $15,000 and $100,000 and replacement cost coverage standard on all policies. The policy also includes liability and loss of use coverage.

The list of options is a little different due to the nature of the policy and includes an endorsement to cover a roommate as an additional insured on the same policy.

Dwelling Fire

The dwelling fire policy is available for both owner-occupied and rental dwellings. This type of policy may be written for homes that do not qualify for the homeowner’s package due to condition or age. It is available for both single-family homes as well as condos.

The landlord version of the policy includes coverage that is specific to the needs of a landlord, such as coverage for damage or loss of rent during repairs for a covered loss that make the home uninhabitable.

Flood & Water Backup

Security First offers a flood and water backup policy that differs from the standard flood policy offered through the National Flood Insurance Program.

Rather than a separate policy, this coverage is added on to the home insurance policy and in the event of a claim, all damage would be handled by the same adjuster. It also offers higher limits than a flood insurance policy and a type of coverage that is not available through the flood insurance program coverage, such as replacement cost on personal property.

The policy also covers water backup, which is not covered under a standard flood coverage insurance policy.

Are the rates competitive?

Security First has an online quoting system, but the system looks up the details on a specific home to calculate quotes, so we are unable to obtain rates using sample information. The system does not ask for contact information, which is surprising, and promises the company will not contact you unless you request it. This should be a relief to those not wanting to deal with ongoing solicitation attempts after getting a quote.

The Florida Office of Insurance Regulation does offer rate samples for this company. We looked at rates for a $300,000 new construction home and returned a list of sample rates across 67 counties. These range from $1,503 in Madison County up to $6,156 in Dade County. That wide range represents the varied risk presented by different parts of Florida and their exposure to severe weather. Coastal counties are usually more expensive. Dade County, located on the southern tip of the state, is very exposed to hurricanes and as such has some of the highest homeowners insurance coverage rates.

Security First Claims Process

Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)

The Security First Insurance Company offers multiple convenient options for policyholders to file claims. They can choose to file a claim online through the company’s website, over the phone via a 24/7 toll-free number, or through the company’s mobile app. This flexibility ensures that customers can initiate the claims process using their preferred method, making it accessible and user-friendly.

Average Claim Processing Time

While specific details about the average claim processing time are not provided in the source, the Security First Insurance Company aims to streamline the claims process efficiently. Policyholders can expect prompt handling of their claims to minimize inconvenience during challenging times.

Customer Feedback on Claim Resolutions and Payouts

Customer feedback on claim resolutions and payouts is essential for evaluating an insurance company’s performance. Security First Insurance Company has received an A+ rating from the Better Business Bureau, indicating a positive reputation.

However, it’s worth noting that there have been 25 customer complaints filed in the past three years, primarily related to issues with claims. The company’s responses to these complaints suggest an effort to address and resolve customer concerns, which can be seen as a positive aspect.

Security First Digital and Technological Features

Mobile App Features and Functionality

Security First Insurance Company provides a mobile app to enhance the convenience of its services. While specific details about the app’s features and functionality are not mentioned in the source, mobile apps typically offer policyholders the ability to manage their insurance policies, file claims, access digital ID cards, and receive important notifications on their smartphones.

The availability of a mobile app reflects the company’s commitment to modernizing its customer experience.

Online Account Management Capabilities

Policyholders can manage their insurance policies and accounts through the company’s online portal. The source does not provide specific details about the online account management capabilities offered by Security First Insurance.

However, online account management typically includes features such as policy viewing, bill payment, document retrieval, and policy updates. These capabilities contribute to a more convenient and efficient customer experience.

Digital Tools and Resources

While the source does not elaborate on the specific digital tools and resources provided by Security First Insurance, insurance companies often offer educational resources, blog articles, FAQs, and other online materials to help customers better understand their policies and make informed decisions.

These digital resources can serve as valuable tools for policyholders seeking information and guidance related to their insurance coverage.

Are ratings and consumer reviews positive?

Security First has an A+ rating with the Better Business Bureau (BBB), where they have been accredited since 2012. There have been 25 customer complaints on file in the past three years. 46 reviews have been left on the BBB page, most of which are negative in nature. The nature of complaints are mainly in regards to problems with claims, and the company does appear to respond to most of the comments and attempt to resolve the problem. The reviews here are long and detailed and describe similar problems, although some of them appear to be due to poor service from contractors.

The Florida Office of Insurance Regulation’s complaints database has a complaint ratio of 1:2396 for Security First, reflecting the most recent data for the third quarter of 2018. This places the company in the middle of the two other comparison companies listed in the database, both of which have a similar market share to Security First.

We do not see any red flags for this company, but we would like to see a complaint ratio a little on the lower side than they are currently showing. The effort to respond to the reviews does put the company in a more positive light.

What’s the bottom line?

Security First is a strong insurer with a pretty solid home insurance program with plenty of options, and maybe a good choice for anyone looking at regional insurers. While they don’t offer automobile insurance, their reputation is about average and complaints are similar to other such companies, so the choice for Florida homeowners may come down to rates and the quality of the local agent.