Fla. Home Mitigation Program Saves Average $154 Yearly for Particpants

September 7, 2007

Florida Chief Financial Officer Alex Sink announced today that 74.5 percent of homeowners who have received a free wind inspection through the My Safe Florida Home (MSFH) program are eligible for significant savings on their annual wind insurance premiums.

The MSFH program has projected that 66,461 homeowners out of 89,268 to date are eligible to receive a wind insurance premium discount or credit, with an average statewide savings of $154.51 based on an average statewide wind premium of $946.44.

Sink’s announcement reflects a potential savings statewide of $11.2 million and is based on the current structure of the home during the free MSFH wind inspection.

“At a time when many Floridians are struggling with the cost of insurance, we are finding that thousands of Floridians are able to save money on their wind insurance premiums without making a single improvement,” said CFO Sink who runs the Department of Financial Services which oversees the MSFH program.

Statewide, 74.5 percent of homeowners who have received an inspection from the MSFH program are eligible for a discount of 16.3 percent on their wind insurance premiums. Savings vary widely by region, as homeowners with higher wind insurance premiums can realize greater savings. For example, homeowners in South Florida are eligible to receive an average savings of 19 percent off their wind insurance premium, or $385.

Some homeowners may already be receiving all or part of the mitigation credits for which they are eligible; however, in many cases, the MSFH program is assisting homeowners who are not receiving full credit based on the current structure of their home. To assist homeowners, the MSFH program provides eligible program participants with certified mitigation forms, which can be given to the homeowners insurance company in order to receive the estimated savings.

Any Floridian who lives in a single-family, site-built home is eligible for a free wind inspection through the MSFH program, which helps Floridians identify how they can strengthen their homes and reduces the overall potential for hurricane damage in our state.

Source: Florida Department of Financial Services

Topics Florida Homeowners

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