Is A Program To Help Florida Homeowners Struggling with Soaring Property Insurance Premiums Too Successful? | Opportunity For All Floridians

Is A Program To Help Florida Homeowners Struggling with Soaring Property Insurance Premiums Too Successful?

Annual Funding To Help Homeowners Lower Insurance Premiums is Smart Policy.

Residing in Florida, with its beautiful beaches and year-round warm climate, offers residents a slice of paradise, but it also comes with its share of challenges—the threat of hurricanes and property insurance premiums. Hurricanes are unpredictable, but the resilience of Florida homes shouldn’t be. Enter the ‘My Safe Florida Home’ (MSFH) program. Designed to give grants to homeowners to do home inspections and repairs that will harden their homes against severe weather, this program doesn’t just safeguard residents; it promises insurers a more stable economic landscape. But there’s a catch—its funding is sporadic, at best.

The Homeowner’s Shield

Initiated in 2006 under Governor Jeb Bush, My Safe Florida Home’ (MSFH) has proven to be a boon for homeowners. Here’s how it works: Florida homeowners apply for a free home hurricane inspection and receive a report detailing the strength of their home against hurricanes and recommended improvements to increase that strength. They can also qualify for up to $10,000 in state grant money and receive up to $2 for every dollar spent on eligible home strength improvements— for things like strengthening their roofs, windows, and doors. Homeowners can potentially lower their home insurance premiums by reporting their home strength improvements to their insurance providers.

Insurers Reap the Rewards

The benefits don’t stop at the homeowner’s doorstep. When homes are fortified against hurricanes, the insurance industry should see fewer claims and lower payout amounts after disasters. That should lead to Florida becoming a more attractive market for insurers, fostering competition and potentially driving down premium rates further. It’s a virtuous cycle: homeowners enjoy safer homes and reduced insurance costs, while insurers face fewer financial risks.

The Funding Dilemma

This is the program’s Achilles’ heel: funding. The ‘My Safe Florida Home’ (MSFH) program has seen over 79,404 applications submitted since its inception. Despite the clear merits of MSFH and its undeniable popularity, the program’s funding has been a rollercoaster ride. After its initial launch with $250 million in 2006, it went dormant without renewed financial backing until 2022, when another $250 million was injected. This sporadic funding approach is not just inefficient; it’s a disservice to Floridians. By providing consistent annual funds, homeowners would have continual access to grants, ensuring a steady progression toward a hurricane-resilient Florida.

The Path Forward

It’s high time Florida’s lawmakers recognize the multi-faceted benefits of the My Safe Florida Home program. By ensuring annual funding, they’re not only protecting homeowners but also offering the insurance industry a stable, predictable landscape, making Florida a more desirable place for both residents and businesses.

Economic Opportunity Actions:

Tell Florida Lawmakers: Help Us Lower Our Electricity Bills With Reliable and Affordable Energy Options

Volatile natural gas prices are driving electricity bills through the roof for families across Florida. Tell Florida lawmakers: we deserve reliable and affordable solar energy options to power our homes.

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Add Your Name: Fully Fund the “My Safe Florida Home” Program

This popular program from the state of Florida could help ease the property insurance crisis — but it’s not fully funded. Add your name to tell our state leaders to fully fund the My Safe Florida Home Program.

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Email Your Lawmakers and Say No to Hidden Political Charges on Your Electric Bill

Your electric bill might be funding politics without your knowledge. Utility companies are using your money to support industry associations that then lobby against your interests. Email your lawmakers today and say no to this practice!

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