Can $600 Million Help Lower Florida Homeowners Insurance Rates?
Governor DeSantis recently asked the legislature for over $600 million to help lower homeowners insurance in his 2025-26 budget request.
The budget proposal asks for $590 million to go towards the My Safe Florida Home program and an additional $30 million for the Condo Pilot Program. DeSantis requested over $600 million in his $115 billion budget for fiscal 2025-26 for programs that will help reduce the cost of homeowners insurance in the state.
The budget proposal which was released on Monday earmarked almost $600 million for the My Safe Florida Home program, which helps homeowners harden their home against wind and storms which leads to lower insurance premiums. The $600 million includes $480 million to finish the homes of 45,000 homeowners who have completed inspections and are now on a waitlist. The request also asks for $109 million in recurring funds starting next year for an additional 10,000 inspections and grants.
The budget request also asks for similar programs related to condo associations. The My Safe Home Condo Pilot Program will assist condo associations with hardening upgrades to buildings, helping cover repairs and improvements.
Condo owners have seen HOA fees, and insurance premiums skyrocket in recent years. The My Safe Home Condo Pilot Program will receive $30 million to help lower condo related costs.
An additional $6 million will be used for the rehabilitation of insurance companies and the governor also requested about $1.1 million for the Office of Insurance Regulation to expand the services they offer.
“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,” agency Commissioner Mike Yaworsky said in a recent statement.
State lawmakers will start the process to finalize the budget at the legislative session in Tallahassee, which begins March 4.