Florida Governor Signs Wind-Mitigation Funding Bills for Homes, Condos

Florida’s governor has signed two bills that will provide more matching grants for homeowners and condominium associations to fortify properties against the growing threat of windstorms.

Senate Bill 7028 will send an additional $200 million to the My Safe Florida Home program, a popular program that provides up to $10,000 in matching grants for qualified homeowners who retrofit their roofs, doors and windows, in return for lowered premiums. House Bill 1029 will set up a pilot program to allow up to $1,000 for condo associations to be inspected and retrofitted with wind-mitigation measures.

Gov. Ron DeSantis signed both bills into law April 24. Similar fortification programs are now in place in a number of coastal states and have been called a vital step in limiting insurance costs as home and condo owners face more powerful hurricanes as the planet warms.

“A proven way to prevent hurricane damage and property loss is to fortify homes against storms,” Michael Carlson, president of the Personal Insurance Federation of Florida, said in an email.

Condo associations also have applauded the move but have said much more funding will be needed in coming years. The managing director for for Hilb Group of Florida, a major insurance broker for condos, said the law will give some much-needed assistance to associations facing expensive roof repairs and replacements.

“I hope the money is all used up in two weeks,” so that lawmakers can see the dire need for more funding, Clarkson said.

Funding for both programs will come from the state’s general revenue fund.

Topics
Florida
Mergers & Acquisitions