Officials pledge to offer $1k discount for Florida homeowners on property insurance premiums
On Monday, November 6, 2023, a session of special legislation took place in the Florida Capitol, where officials discussed property insurance and disaster relief, among other major issues concerning the public. Although they did not directly discuss the current insurance crisis in the state, they promised public relief in the form of a $1,000 discount. Continue reading this news to get more details.
Property insurance discount with a catch
In the past, the discussions on property insurance have been futile as no efforts have been put into reducing the premiums. However, the leaders are now suggesting that homeowners in Florida can qualify for a property insurance discount of $1,000, but it will cost them.
During the special session, lawmakers also expanded their support for Israel and blacklisted all the companies operating in the Sunshine State who is in business with Iran. A clam and dairy farm worker also gave a heartfelt testimony following HurricaneIdalia, stating that the industry faced devastating losses.
Disaster relief for farmers, homeowners, and beyond
House Bill 1C and Senate Bill 2C suggested extending disaster funding and reducing sales and property taxes. As for the property insurance bills, the homeowners will see a $1,000 drop in their insurance premiums annually under My Safe Florida Home Program, according to Jimmy Patronis, the State’s Chief Financial Officer.
However, here is the catch: property insurance owners can only qualify for this discount once they have used more than $1,000 to strengthen their homes against disasters and storms. Under the program, homeowners will qualify for free property insurance, and the Florida state will pay the expenses for window, roof, and door upgrades.
The CFO believes in the low risk that this program offers. Additionally, the program is gaining popularity as lawmakers have allotted an extra $176.2 million to resolve the application backlog issue. Linda Stewart, the state senator, heralded the efforts and effectiveness of the My Safe Florida Home program.
Presently, over 21,000 homeowners have been granted the discount, and 18,000 more applications are in the pipeline waiting for approval due to lack of funding.
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