DeSantis Proposes Insurance Relief in New Budget
Florida Governor Ron DeSantis has proposed allocating over $600 million in the state’s $115 billion budget for fiscal year 2025-26 to help lower the cost of homeowners insurance. This represents a significant increase compared to last year’s proposal.
Specifically, the budget earmarks approximately $590 million for the My Safe Florida Home program. This initiative provides funding for wind mitigation upgrades designed to fortify homes against hurricanes, potentially leading to lower insurance premiums. Of this amount, $480 million is designated to address the existing backlog of approximately 45,000 homeowners with completed inspections, and an additional $109 million in recurring funds will be available starting next year to cover an additional 10,000 inspections and provide grants.
The budget also includes funding for the My Safe Home Condo Pilot Program, which assists condo associations with similar hardening upgrades, repairs, and improvements. This program, which has been allocated $30 million, aims to alleviate the high insurance costs and fees that condo owners have faced in recent years.
In addition to these insurance-focused programs, the budget includes provisions related to the Office of Insurance Regulation. Approximately $6 million is slated for the rehabilitation of insurance companies, and 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,” stated agency Commissioner Mike Yaworsky.
Beyond insurance-related initiatives, the budget also encompasses $506.2 million for affordable and workforce housing assistance, including $100 million for the Hometown Heroes Housing Program. This program is designed to make housing more affordable for eligible community workforce members and their families. In total, the Governor requested nearly $1.1 billion toward housing-related expenses.
The state legislature will finalize the budget during the legislative session in Tallahassee, which begins on March 4.
Lillian Hernández Caraballo is a Report for America corps member.
