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 administer the trust fund, which is set to be reviewed before its scheduled termination on July 1, 2030, unless it is terminated sooner. The bill emphasizes the legislative intent to support Florida homeowners during times of financial need related to insurance costs, highlighting the importance of maintaining housing stability in the state. The act is set to take effect on July 1, 2026.