House Bill 1433 amends the My Safe Florida Home Program to enhance hurricane mitigation efforts by establishing specific conditions for awarding grants. These conditions include the requirement that mitigation improvements must result in property insurance credits or discounts. The Department of Financial Services is responsible for ensuring that homeowners who receive grants complete the necessary improvements to their properties before reimbursement. The bill also sets eligibility criteria for homeowners seeking hurricane mitigation inspections and grants, which include income thresholds and a cap on the insured value of homes at $700,000, with exceptions for low-income homeowners.

In addition to the amendments related to the My Safe Florida Home Program, the bill increases surplus requirements for domestic insurers involved in residential property insurance. For example, the surplus requirement for domestic insurers not wholly owned by out-of-state entities is raised from $15 million to $35 million, while other categories, such as limited sinkhole coverage and renter's insurance, see similar increases. The bill also introduces stricter regulations for officers and directors of insolvent insurers, including a two-year prohibition for those who served in the two years leading up to insolvency and a five-year prohibition for reciprocal insurers, with exceptions for individuals who can prove their actions did not significantly contribute to the insolvency. These changes are set to take effect on July 1, 2025.

Statutes affected:
H 1433 Filed: 215.5586, 624.407, 624.4073