Published: Sep 13, 2013 5:24 PM EDT

TALLAHASSEE, Fla. (AP) - One of Florida's largest privately-run property insurance companies is going to cut its property insurance rates.
    
Security First Insurance on Friday notified state regulators that it is going to lower rates by an average of 9.3 percent statewide. The lower rates will take effect for new customers on Oct. 15 and on Dec. 1 for policy renewals.
    
Locke Burt is a former state senator and president of the Ormond Beach company. He said major reductions in reinsurance costs and changes in Florida law have significantly reduced the cost of homeowners insurance.
    
The move marks a significant turnaround after years that saw private companies and state-created Citizens Property Insurance Corp. raise homeowner insurance rates.
    
Security First has nearly 105,000 customers, with most of them living in northeast, central and southwest Florida.

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