Security First Home Insurance Review
If you are in Florida and looking for homeowners insurance, Security First Insurance Company may be a good option. This company only focuses on protecting your property; they have a lot of experience in all types of property insurance.
Before signing up for a policy, however, it helps to know what to expect. Here is our comprehensive Security First Insurance Company review.
While homeowners insurance is Security First's primary offering, they provide coverage for all kinds of living spaces. Let us dive into each policy type to get an idea of what they can do for you.
When building your policy, there are multiple options you can choose to ensure full-service protection. Security First categorizes these sections as Coverage A through F, and they are:
- Home Coverage (A). Home coverage A is a standard homeowners insurance policy that protects the structure itself. Coverage amounts can be between $20,000 and $1,000,000. Security First also offers replacement cost value (RCV).
RCV pays for the total construction cost of repairing the home based on current market prices. It is not the property's real estate value, which includes the land the house sits on and other structures.
- Other Structures (B). If you have other detached buildings on your property, such as a gazebo or pool house, this category protects it. Coverage amounts are between two and 70 percent of Category A.
- Contents (C). This section reimburses you for anything inside the home, your personal belongings. Coverage limits are zero to 75% of Category A - dwelling. This section also provides RCV for all your items. Although, there are sub-limits for specific types of belongings (i.e., electronics).
This article, Policy Limits, explains sub-limits and amounts for each category.
- Uninhabitable and Additional Living Expenses (D). If your home becomes uninhabitable (i.e., due to a hurricane or flooding), this option provides additional living expenses (ALE). This money helps cover hotel and food costs while you are away. Coverage limits are 10 percent of Category A. Security First provides you with a debit card rather than a check.
- Personal Liability (E). If someone other than your family gets injured on your property, you are responsible for paying any lawsuits that may occur. Category E covers these liabilities with limits between $100,000 to $500,000.
- Medical Coverage (F). This coverage is if someone requires medical assistance due to personal injury on your property. Security First will provide up to $5,000 to cover these expenses.
Security First Insurance offers additional coverage options to ensure that you do not get stuck with a massive repair bill or other expenses. With homeowners insurance, you can also add:
- Dog Liability. Just in case Fido decides to see how your neighbor tastes.
- Personal Injury Liability. This insurance coverage is different from Category E, which only protects against lawsuits.
- Water Backup and Sump Pump Overflow. You may think flood and water backup coverage is the same thing, but they are not. Check out these articles that describe water backup coverage and sump pump overflows.
- Increased Replacement Cost. Security First's standard homeowners policy only goes up to $1,000,000. But you can add additional coverage for the structure and personal belongings.
- Scheduled Personal Property. This option allows you to protect high-end items like gold and jewelry for their replacement cost value (RCV). Best of all, adding this coverage does not increase your insurance rates too much.
- Golf Cart Damage and Liability. You can protect your golf cart and cover any potential lawsuits if you hit someone else or their property by accident.
- Carport Coverage. This option is self-explanatory.
- Increased Special Limits. This plan allows you to increase your coverage sub-limits for various personal belonging categories.
Although you do not own your apartment, you can still protect yourself and your belongings. Security First offers comprehensive renters insurance that can give you peace of mind. This policy's categories and endorsements are roughly the same as home insurance, except categories A and B are nonexistent.
The coverage limits for sections C through F are:
- Category C (Contents). Contents protection covers your belongings for up to $100,000 at replacement cost value (RCV).
- Category D (Uninhabitable). You will receive additional living expenses up to 20 percent of Category C.
- Category E (Personal Liability). This section is identical to the one listed in a homeowners policy, with limits up to $500,000.
- Category F (Medical Bills). This section is also the same as above.
Security First provides many of the same endorsements for renters insurance, except the ones related to dwelling damage. One unique add-on you will find is roommate insurance. No, this coverage is not to protect you from your weird roommate. Instead, it boosts your limits to cover anyone else living with you.
Security First Insurance of Florida also offers various discounts for renters, including:
- Living in a Secured Community
- Installing Burglar Alarms
- Having an Indoor Sprinkler System
- Living in a Newer Building
- Being Over 55
Living in a condo offers the perks of renting and homeownership. You do not have to maintain a full property, but you can still build equity from your home. Security First's condo insurance offers the same coverage options as homeowners insurance, except it excludes Category B (additional structures).
The unique coverage for condo owners is Loss Assessment. Although you insure your unit, the condo board has a master policy to protect the rest of the building. If disaster strikes, the condo association's board will charge condo owners to help pay for repairs. With Loss Assessment coverage, your insurance covers a portion of that amount, so you do not have to pay out of pocket.
Dwelling Fire Insurance
Typically, homeowners insurance is the best way to protect your property. However, if you want something a bit cheaper, you can opt for dwelling fire insurance instead. One advantage of this coverage is that it can protect most homes that would not qualify for a standard homeowners policy. E.g., vacant buildings or homes purchased through foreclosure.
Dwelling insurance provides actual cash value (ACV) payments. ACV is less than RCV, so that you can change it to replacement cost coverage. Otherwise, you might have to pay a lot out of pocket to repair the structure.
Living in Florida means that hurricanes and flooding are always a risk. No matter your zip code, you need Flood coverage. A standard homeowners policy does not include this protection; you must add it as an endorsement. The exact cost and coverage limits depend on your existing policy.
If you have appliances and electronics inside your home, equipment breakdown coverage can come in handy. Often, a standard policy does not cover power surges or water damage to appliances. This endorsement potentially saves you from expensive replacement costs, all without adding much to your monthly premiums.
According to the FTC, Florida ranks number two in the nation for identity theft. So, it is an excellent idea to protect yourself from enterprising criminals trying to steal your cash and social security number. Security First offers comprehensive protection and monitoring, so you do not have to worry.
Security First Insurance has been around since 2005. A man named Locke Burt founded the company after witnessing firsthand the devastation of Hurricane Andrew. Locke was a former U.S. senator, and his work helped the state recover quickly and efficiently. Security First is the third-largest provider of homeowners insurance in Florida, and it invests heavily in local communities.
- Security First Insurance of Florida Customer Service: (877) 333-9992
- Security First Insurance 24/7/365 Claims: (877) 581-4862
- Security First Identity theft - make a phone call to PrivacyMaxx: (800) 676-5696
- Security First Billing or Policy Questions: (877) 333-9992
Where is Security First Available?
Security First Insurance is only available in Florida.
- First, you must submit a claim through the company's mobile app or online. Be sure to take as many photos and provide as many details as possible.
- Next, a claim adjuster will inspect your property to assess the damages. The company offers water damage mitigation services. This service will dry out your home or condo to ensure no further problems develop, like mold.
- Finally, the claim adjuster will complete their assessment. The company will then pay you based on your coverage amount, deductible, and replacement cost value.
Depending on the situation, this process can take days or weeks to complete. That is because it can take a while to get an accurate breakdown of each covered loss.
If you are a Florida resident, Security First has some enticing coverage options to protect your property. Overall, if you want a local insurance provider, Security First Insurance can be the right decision. If you live in the Florida market, you can get an online Security First home insurance quote below.
Hope that helps!
At your service,