FLORIDA – The Florida Senate passed several bills that could lower property insurance costs.
House Bill 7073 promises a reduction in property insurance premiums by more than $500 million statewide. It would eliminate certain taxes and fees homeowners pay on their property and flood insurance.
Senate Bill 7028 grants $200 million in funding to the My Florida Safe Home Program. The program provides matching grants of up to $10,000 for families while who fortify their homes with new hurricane-safe doors and windows or replacing their roof. The improvements in turn will reduce your insurance premiums.
House Bill 1029 creates a similar pilot program for condo associations to apply for mitigation grants called the “My Safe Florida Condominium Pilot Program.”
The bills still require Gov. Ron DeSantis’s signature.
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Darlene Lombardo shared a story similar to most Florida homeowners when it was time to renew her property insurance.
“It was almost double. It was probably a 45% increase,” Lombardo said.
After moving from New York to Florida, property insurance premiums came with some sticker shock.
“I thought it would be a lot cheaper here. First year was a shock. But we dealt with it. The second year I was here, the renewal went up almost four grand,” Lombardo said.
But some relief is on the way, as the Florida Senate passed a tax package that includes 1.75% tax savings on home insurance premiums, or about $75 per household.
While it’s a modest amount of savings, Lombardo said she is “100%” on board with anything that can get her bill down.
Billy Wagner owns Brightway Insurance in Jacksonville and writes insurance policies himself. He explained that it will take a while for homeowners to see the savings reflected on their monthly bills.
“The problem with insurance is there’s a big tail. So as of the legislation has passed, you know, it takes a little while for that to happen. There’s a lot of reasons why, but consumers don’t necessarily see those changes right away. But we are starting to see the trend go in the right direction,” Wagner said.
The bright side, Wagner said, is that come next year, there should be no more outrageous price hikes.
“The great news is that we’re not having these 50%, 60% rate increases. That has stopped and so what we’re gonna start seeing is that level or flatten and some sort of reduction. And new markets coming in is all helping the game for the consumer,” Wagner said.
In the meantime, there are a few things people can ask their insurance agent to help get their bill down.
“I think it’s a great idea, again, to have the conversation with their agent and say, ‘Okay, what’s changed for me? Is there any other options? Can I look at my deductibles? What can I do in with rates going crazy the way they are to really just put myself in a better place?’ and let them educate you on that,” Wagner said.
Grants applications for the My Safe Florida Home Program should open up again on July 1.
Anyone who owns a single-family home can apply for and receive a free home hurricane inspection. Application for a grant is not required to receive the inspection.
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