The bill amends the My Safe Florida Home Program, which provides hurricane mitigation grants to homeowners, by establishing specific conditions under which grants can be awarded. It stipulates that the improvements funded must lead to property insurance credits or discounts, and the Department of Financial Services is tasked with ensuring that certain mitigation improvements are completed before reimbursing homeowners. The eligibility criteria for homeowners seeking inspections and grants are also revised, requiring homes to be owner-occupied and insured for $700,000 or less, with exceptions for low-income homeowners.

Additionally, the bill introduces stricter financial requirements for insurers, increasing minimum surplus requirements for various types of insurers, including those that are subsidiaries of out-of-state companies and those providing limited sinkhole coverage. It also imposes regulations on the eligibility of officers and directors of insolvent insurers, prohibiting those who served in such roles shortly before insolvency from holding similar positions in other authorized insurers. The bill emphasizes fiscal accountability and mandates the development of a comprehensive approach to hurricane damage mitigation, including public outreach and education efforts, and is set to take effect on July 1, 2025.

Statutes affected:
S 1740 Filed: 215.5586, 624.407, 624.4073