On Wednesday, Governor Ron DeSantis has now authorized $200 million to extend a well-received program that provides grants for home-hardening.
This program is expected to benefit approximately 20,000 citizens, primarily those with lower incomes, by reducing their property insurance expenses.
DeSantis endorsed and enacted two measures pertaining to the My Safe Florida Home grant program.
He also expressed his intention to allocate an extra $30 million in the state budget to enhance the program’s scope by incorporating condominiums.
The program provides inspections and pays incentives of up to $10,000 to assist people in improving their homes and meeting the requirements for property insurance savings.
This applies to properties with a value of up to $700,000.
The main legislation (SB 7028) signed by DeSantis allocates $200 million for the grant program, with revised guidelines for the distribution of the funds. HB 1029 offers condominium associations eligibility for inspections and grants.
The funding law prioritizes the processing of applications from low-income individuals who are 60 years old and above, and then proceeds to process applications from all other low-income individuals.
Consideration of applications would prioritize homeowners aged 60 and older with moderate incomes, placing them third in line.
Starting on July 1, the bill will prevent Patronis’ Department of Financial Services from establishing a new waiting list once the budget is depleted, unless the Legislature explicitly grants the right to do so.
In November of last year, during a special session, the Legislature allocated $176.17 million for the program, since there were over 17,600 grant applications waiting to be funded.
The program was established in 2006 in response to the hurricane-prone storm seasons in 2004 and 2005, during which 2.8 million homeowners in Florida experienced over $33 billion in insured property damage.
Following an initial injection of $250 million, the further funding for the program was not provided until 2022.
Lawmakers allocated $215 million during a special legislative session to tackle the persistent property-insurance issues in the state.
According to a legislative staff analysis, in November, the Insurance Information Institute reported that the average cost of home insurance in Florida is $6,000 per year.
During that time, the My Safe Florida Home program was recognized for providing average premium discounts of $981.31 to homeowners who disclosed their discounts.
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