Florida Bills Would Set up Limited Trust Fund for Home Hardening Grants

Florida’s chief financial officer, now a candidate for Congress, is backing a bill that would set up a trust fund that would help fund home hardening grants for years to come.

Senate Bill 1466, sponsored by state Sen. Nick DiCeglie, and House Bill 851, by Rep. Chip LaMarca, would fund the program by allocating 5% of sales tax revenue generated from hurricane-impacted counties in the two months after a storm makes landfall. Homeowners who make the wind-mitigation modifications can see significant discounts on their HO premiums.

A fiscal analysis by legislative staff has not been done on the bills. Florida is expected to generate almost $50 billion in sales tax revenue for 2025, according to Florida Tax Watch. So, if a hurricane affects, say, 15 counties, depending on which counties, that could produce perhaps about $500 million for the My Safe Florida Home wind-mitigation program in one year. The bills would limit the fund’s balance, however, to no more than $300 million.

That revenue level would approach Gov. Ron DeSantis’ proposed $590 million in funding this year for the increasingly popular My Safe Florida Home plan, which provides grants up to $10,000 for stronger roof connections, wind-resistant windows and doors, and other retrofits.

The current program and the bills do not provide funds for flood protection, but another measure this year, HB 1459, would allow some grants for elevation of structures along with flood barriers. Two other bills would grant sales tax exemptions on impact-resistant doors and windows in the month of February, the CFO said.

The new bills would essentially fund the mitigation program, at least partly, in perpetuity, at a time that experts around Florida and the country have said that more mitigation measures are needed to stem property insurance losses as storms intensify and sea levels rise in Florida.

“Unfortunately, it’s not if but when another powerful storm will take aim at Florida,” Florida CFO Jimmy Patronis said in a statement. “This legislation is a proactive step towards safeguarding our communities from hurricanes and keeping insurance costs in check. By creating the My Safe Florida Home Trust Fund, we not only funnel necessary funds into our local economies but also incentivize homeowners to fortify their residences, all while using unexpected revenue streams from the sales tax boosts we see following storms.

The My Safe Florida Home program was restarted in 2022 by lawmakers, and it proved so popular that it has quickly run out of money each year.

Since its rebirth, the program has provided:

• 109,000 home inspections
• 58,700 home-hardening grants
• $576 million in grant funding
• $240 million in home hardening grant reimbursements
• $1,000 in average annual premium savings (for participants who complete the program).

DiCeglie’s bill and LaMarca’s bill would stipulate that the program be allowed to keep excess revenue each year but the balance must not exceed $300 million. Any more than that will be sent to the state’s General Fund.

The 2025 Florida regular legislative session begins Thursday.

Topics Florida