DFS Allocates $33 Million to Homeowners in My Safe Florida Home Grant Program Update

Florida Housing Program

On Thursday, the Florida Department of Financial Services (DFS) shared an update on the progress of the My Safe Florida Home (MSFH) program, which was established during the 2022 Special Session on Insurance. The program aims to help Florida homeowners protect their properties from storm damage and reduce their insurance premiums.

The MSFH program offers complimentary wind mitigation home inspections and grants of up to $10,000 for storm mitigation measures. These grants enable Floridians to retrofit their homes to better withstand storms, resulting in lower property insurance premiums due to mandatory storm mitigation discounts. Since its inception in November 2022, the MSFH program has completed over 18,000 free home inspections, approved more than 3,500 grant applications, and obligated over $33 million in Home Mitigation Grants. Once the work is completed, obligated funds will be reimbursed to homeowners as they are designated for specific applicants.

The DFS anticipates that the entire $115 million budget will be allocated to homeowners well before the end of the current Fiscal Year (FY) on June 30, 2023. Presently, Senate Bill 748 and House Bill 881, which aim to expand program eligibility, are progressing through the Florida Legislature. The DFS has also requested an additional $100 million in grant funding for the FY 2023-2024.

In conjunction with the MSFH program, policyholders are urged to participate in the home mitigation grant program to further safeguard their homes against storms and secure lower property insurance premiums through mandatory storm mitigation discounts. The program also offers a sales tax exemption for storm-resistant doors, windows, and garage doors, further assisting homeowners in mitigating or reducing insurance premiums. This two-year, $462 million tax cut initiative is set to expire in summer 2024.

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