The bill establishes the Emergency Residential Property Insurance Assistance Trust Fund within the Department of Financial Services, aimed at providing financial assistance to homeowners facing difficulties in paying their homeowners insurance due to rate increases. Homeowners with a total annual household income not exceeding $250,000 before taxes are eligible for assistance from this fund. The trust fund will be funded with $500 million drawn from unallocated general revenue and is intended to serve as a temporary source of financial relief to ensure housing stability until more permanent solutions are implemented.

The Department of Financial Services will oversee the administration of the trust fund, which is set to be reviewed before its scheduled termination on July 1, 2030, as stipulated in the bill. The legislative intent emphasizes the importance of this fund in preventing the displacement of Florida homeowners during a time of financial strain. The act is set to take effect on July 1, 2026.