Gov. Ron DeSantis proposed more than $600 million of the state’s $115 billion budget on programs and actions to help reduce the cost of homeowners insurance, more than he allocated in last year’s proposal.
In the budget released Monday, about $590 million is earmarked for the My Safe Florida Home program, a “home-hardening” program that pays for wind mitigation upgrades to help strengthen homes against storms, which can lower insurance premiums. That is, $480 million to address the 45,000 homeowners with completed inspections on a waitlist, and $109 million in recurring funds starting next year for an additional 10,000 inspections and grants.
The budget also funds a similar program but for condo associations. Florida’s My Safe Home Condo Pilot Program helps condo associations with hardening upgrades, repairs and improvements. Condo owners have seen some of the most expensive fees, insurance claims and premiums in the state for several years. This program is getting $30 million, like it did last year, to help owners lower the associated costs of ownership.
About $6 million is earmarked toward the rehabilitation of insurance companies. The governor requested about $1.1 million for the Office of Insurance Regulation to expand its services.
“Florida’s Office of Insurance Regulation is proactively taking steps to strengthen the insurance market and support policyholders. I want to thank Governor DeSantis for leading to promote a strong and stable marketplace,” said OIR Commissioner Mike Yaworsky in a statement.
The budget goes beyond insurance and includes a total of $506.2 million to affordable and workforce assistance initiatives, including $100 million for the Hometown Heroes Housing Program, which makes housing affordable for eligible community workforce members and families.
In total, the governor requested more close to $1.1 billion toward housing-related expenses.
State lawmakers will finalize the budget at the legislative session in Tallahassee which begins March 4.
Lillian Hernández Caraballo is a Report for America corps member.
