A Florida-based insurance company, Security First Insurance, has introduced a new program offering lower premiums for buyers of newly constructed homes.
This initiative, known as the HO-5 program, is embedded in the construction process and sold through builders.
According to Melissa Burt DeVriese, president of Security First Insurance, the program leverages Florida’s updated building codes for new homes, which are constructed to higher standards, ensuring greater durability and lower risk for insurers.
The savings for consumers can be significant, with new home policies offering 20-30% savings compared to standard insurance policies.
These lower premiums are especially attractive in areas with high new home construction, such as Port St. Lucie. Realtor Sonsire Gonzalez, who owns a newly built home, shared that her homeowners’ insurance costs about $1,400 annually for a three-bedroom house, significantly lower than insurance for an older home.
This program is helping to make newly built homes more affordable for buyers in Florida’s competitive housing market.