Over the past few years, we have seen our homeowner insurance rates rise due to the lack of competition and the high cost of goods and services. Due to these increases, The State of Florida has been enacting laws, programs, and statutes to help Floridians with the high cost of property insurance. One such program just received an additional $181.5 million in funding from the Florida Legislative Special Session C which convened on November 6, 2023.
The funded program was the My Safe Florida Home Program (MSFH). The program was created in 2006 by the legislature and placed under the management of the Department of Financial Services. “The program consists of two primary components. The first component of the program is Wind Mitigation Home Inspections which will identify elements of the home’s construction that could be improved to help mitigate against future wind damages. The inspections are provided to eligible homeowners free of charge by the program. The second component of the program is Wind Mitigation Grant awards for construction to address the inspector’s identified elements to improve construction to prevent wind damage. “The Legislature has authorized DFS to provide a matching grant to eligible homeowners up to $10,000 for the actual cost of qualifying home hurricane mitigation projects. The program will provide $2 in grant funds for every $1 the homeowner provides. Low-income grants have been increased from $5,000 to $10,000.”
“All of the following criteria are used to approve the grant applicants and all of the below criteria are necessary to qualify for and receive a grant, unless otherwise noted by the program administrator.
- You must have received a free home hurricane inspection through the My Safe Florida Home Program.
- You must provide proof of homestead exemption. If you need assistance obtaining a copy of your homestead exemption information, please confer with your local Property Appraiser or Tax Collectors’ Office.
- You must provide documentation that your home is insured for less than $700,000 and provide a copy of your current property insurance declarations page. If you do not have a copy, contact your home insurance company.
- The initial building construction permit for the home must have been issued prior to January 1, 2008. If you do not know when your home was built, please contact your local officials. This information is frequently available through the website or office of your Property Appraiser.
- Homeowners must allow the home to be re-inspected after construction work has been completed. This re-inspection is provided at no cost by the Department of Financial Services through the My Safe Florida Home Program.
- Low-income applicants must be below the 80% household median income percentile in their county of residence to qualify.”
As of October 26, 2023, the MSFH Program has approved approximately 20,979 homeowner applications for grants with $209 million of appropriated funds have been obligated for grant disbursement. Homeowners who have made use of the MSFH Program have experienced about $1,006 premium discount per home. For additional information regarding the MSFH Program go to My Safe Florida Home – Florida Department of Financial Services (mysafeflhome.com).
During these high inflationary times and the exorbitant cost of goods and services, a discount and saving is very helpful to our bottom lines. That bottom line doesn’t differentiate between the consumer, business, or government. We are all looking for the best way to maximize our buying power. Just remember when you vote in 2024 to vote for the ones who are stretching the dollars and cutting the operating costs to prevent taxation on you. I will leave you with those thoughts and that concludes this week’s edition of The Straight Truth With Mary Ann Hutton.