Florida Homeowners Insurance
Security First Financial vs. Citizens Property Insurance: A Florida Homeowner's Comparison
Security First Financial is one of Florida's most established private homeowners carriers, with over 25 years of experience insuring Florida properties through multiple hurricane seasons. Citizens Property Insurance is the state's insurer of last resort. If you're deciding between the two — or trying to understand why you received a Citizens depopulation offer from Security First — this comparison will help.
Bright Coast Insurance is an appointed agent for Security First Financial. We can quote and bind your policy today.
The Carriers
Security First Financial vs. Citizens Property Insurance: A Side-by-Side Look
Security First Financial
Our Pick25+ Years Insuring Florida Homes Through Hurricanes
Security First Financial has been writing homeowners insurance in Florida since 1996, making them one of the state's most experienced private carriers. They've weathered multiple major hurricane seasons — including Charley, Frances, Ivan, Jeanne, Wilma, Irma, and Ian — and continued paying claims. Their longevity in the Florida market is a meaningful differentiator: carriers that can't manage Florida's catastrophic risk don't survive 25+ years. Security First offers broad coverage options, competitive rates for qualifying properties, and a claims process built on decades of Florida hurricane experience.
- 25+ years insuring Florida properties — proven hurricane track record
- Participated in Citizens depopulation — OIR-vetted
- Competitive rates for qualifying Florida properties
- Replacement cost coverage available
- Water damage and water backup coverage available
- Strong claims infrastructure built for Florida catastrophic events
- No Citizens assessment risk for policyholders
Citizens Property Insurance
Citizens Property Insurance Corporation is Florida's state-created insurer of last resort, established to ensure coverage availability when private market options are unavailable or unaffordable. Florida law requires Citizens to charge rates at or above the highest private market rate in each territory — meaning Citizens is not designed to be the cheapest option. Citizens also carries assessment risk: if Citizens has a deficit after a major hurricane, they can levy assessments on all Florida insurance policyholders, not just Citizens customers. Citizens has been actively working to reduce its policy count through depopulation programs that move qualifying policyholders to private carriers like Security First.
Feature Comparison
Security First Financial vs. Citizens Property Insurance: Feature by Feature
| Feature | Security First Financial | Citizens Property Insurance |
|---|---|---|
| Market type | Private market | State insurer of last resort |
| Years in Florida market | 25+ years (since 1996) | Since 2002 |
| Hurricane track record | Multiple major storms paid | State-backed |
| Assessment risk | None | Yes — all FL policyholders |
| Rate structure | Actuarially competitive | Required at/above market |
| Replacement cost coverage | Yes | Limited |
| Water backup coverage | Yes | Not available |
| Coverage limits | Flexible | Capped |
| Depopulation carrier | Yes — OIR-vetted | N/A |
| Claims experience | 25+ years FL hurricane claims | State-administered |
Our Verdict
Why Security First Is the Right Choice for Florida Homeowners
Twenty-five years of Florida homeowners insurance experience is not a marketing claim — it's a track record. Security First has paid claims through Charley, Frances, Ivan, Jeanne, Wilma, Irma, and Ian. They know how to manage Florida's catastrophic risk, and their continued operation through those events demonstrates financial discipline that many newer Florida carriers haven't been tested on.
Citizens' rate structure is also frequently misunderstood. Florida law requires Citizens to charge rates at or above the highest private market rate in each territory. This means that for many Florida properties, Citizens is not the cheapest option — and for properties that qualify for Security First, the private market rate is often competitive with or below Citizens.
The assessment risk is the factor that most Citizens customers overlook. If Citizens has a catastrophic loss year, they can levy assessments on all Florida insurance policyholders. Private market customers like Security First policyholders face lower assessment exposure than Citizens customers. Staying with Citizens when a private market option is available means accepting unnecessary risk.
Bright Coast Insurance is an appointed Security First agent and can compare Security First against other private market options and Citizens to find the best coverage for your Florida home.
Common Questions
Security First Financial vs. Citizens Property Insurance: FAQ
How long has Security First Financial been in Florida?
Security First Financial has been writing homeowners insurance in Florida since 1996 — over 25 years. They've operated through multiple major hurricane seasons, including Charley, Frances, Ivan, Jeanne, Wilma, Irma, and Ian, which demonstrates their ability to manage Florida's catastrophic risk.
Is Security First Financial financially stable?
Security First has maintained operations through multiple Florida hurricane seasons over 25+ years, which is a meaningful indicator of financial discipline. Like all Florida homeowners carriers, they use reinsurance to manage catastrophic loss exposure. Bright Coast Insurance can provide current rating information when you request a quote.
What is a Citizens depopulation offer from Security First?
Citizens depopulation offers occur when a private carrier like Security First is approved by the Florida OIR to assume Citizens policies. If you receive a depopulation offer, it means Security First has been vetted as a financially sound alternative. You have the right to accept or decline the offer.
Can I switch from Citizens to Security First on my own?
Yes. You don't need to wait for a depopulation offer — you can purchase a Security First policy at any time and cancel your Citizens policy. Bright Coast Insurance can quote Security First and compare it against your current Citizens premium.
Does Security First cover older Florida homes?
Security First writes homeowners insurance for a range of Florida property types, including older homes. Coverage availability and rates depend on your specific property's age, construction type, roof age, and location. Bright Coast Insurance can determine your eligibility and quote your property.
Get a Homeowners Quote Through Security First Financial
Bright Coast Insurance is an appointed Security First agent. We'll compare Security First against Citizens and other private market carriers to find the best coverage for your Florida home.
Bright Coast Insurance · FL License #L103957 · (239) 475-0361