DeSantis’ Budget Aims to Lower Homeowners Insurance Costs
Florida Governor Ron DeSantis has proposed a budget with a significant focus on lowering homeowners insurance costs, allocating over $600 million to various programs. The budget, totaling $115 billion, reflects the state’s efforts to provide financial relief to homeowners, especially those facing rising premiums and associated expenses.
Gov. Ron DeSantis releases budget on Monday, Feb. 4, 2025.
My Safe Florida Home Program
A substantial portion of the allocated funds, approximately $590 million, is designated for the My Safe Florida Home program. This initiative is designed to assist homeowners with wind mitigation upgrades, which help strengthen homes against storms and can lead to reduced insurance premiums. Out of this amount, $480 million is slated to address the backlog of 45,000 homeowners who have completed inspections and are awaiting grants. An additional $109 million in recurring funds has been proposed, starting next year, to facilitate 10,000 more inspections and provide further grants.
The budget also addresses the unique challenges faced by condominium associations in Florida. Recognizing that condo owners have experienced some of the highest insurance costs in the state, a similar program, the My Safe Home Condo Pilot Program, is slated to receive $30 million. This program assists condo associations with upgrades, repairs, and improvements to lower costs for their members.
In addition to insurance-specific measures, the budget includes $6 million for the rehabilitation of insurance companies and approximately $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.
Affordable Housing Initiatives
The proposed budget extends beyond homeowners insurance, incorporating $506.2 million for affordable and workforce assistance initiatives. This includes $100 million for the Hometown Heroes Housing Program, aimed at making housing more affordable for eligible community workforce members and their families. In total, the Governor has requested almost $1.1 billion toward housing initiatives.
State lawmakers will finalize the budget during the legislative session in Tallahassee, which begins March 4.
