The bill establishes the My Safe Florida Home Trust Fund within the Department of Financial Services, aimed at providing financial support for the My Safe Florida Home Program. It mandates that 20 percent of the insurance premium tax collected during a state of emergency be allocated to this trust fund, with the Department of Revenue responsible for distributing these funds within three months of the emergency's declaration. The bill also stipulates that any remaining balance in the trust fund at the end of the fiscal year will stay in the fund for its intended purpose, but the total balance cannot exceed $300 million; any excess will be redirected to the General Revenue Fund.

Additionally, the Department of Financial Services is tasked with ensuring compliance with the provisions of the bill and must submit an annual report detailing fund balances and transfers to the Legislature by February 1 each year. The trust fund is set to be reviewed before its scheduled termination on July 1, 2029, as outlined in the bill. The act is slated to take effect on July 1, 2025.