On Thursday, the Florida Department of Financial Services (DFS) provided an update on the My Safe Florida Home (MSFH) program which was created in the 2022 Special Session on Insurance.
The MSFH program offers free wind mitigation home inspections and up to $10,000 in storm mitigation grants for Florida homeowners. The grants assist Floridians in retrofitting their home to harden it against storms and help lower their property insurance premiums through mandatory storm mitigation discounts. Since launching in November 2022, the MSFH Program has already completed over 18,000 free home inspections, approved over 3,500 grant applications, and obligated more than $33 million in Home Mitigation Grants. Obligated funds are grant funds that have been identified for a specific applicant and will be processed as a reimbursement to the homeowner once the work has been completed.
The program is expected to fully obligate all $115 million to homeowners well before the end of the current Fiscal Year (FY) that ends on June 30, 2023. Currently, SB 748 and HB 881, which expands program eligibility, are moving through the Legislature and DFS is requesting another $100 million in grant funding for FY 23-24.
In addition to the My Safe Florida Home program, policyholders are encouraged to take advantage of the home mitigation grant program to harden their home against storms and help lower their property insurance premiums through mandatory storm mitigation discounts. The program provides a sales tax exemption for storm resistant doors, windows and garage doors, to help mitigate, or even reduce, insurance premiums. The two-year, $462 million tax cut is set to expire by summer 2024.
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