The My Safe Florida Home (MSFH) Program, aimed at reducing home insurance premiums, has been incredibly successful for Florida homeowners. Florida Legislature has introduced new changes to the MSFH Program, which will take effect on July 1, 2024. Here’s what you need to know about the updates and how they can benefit you.
New Funding and Opportunities
Starting July 1, 2024, an additional $200 million in program funding will be available for Florida homeowners. This funding will support free home wind mitigation inspections and home retrofitting grants, helping homeowners enhance their properties to better withstand hurricanes and reduce insurance costs.
Program Components
The My Safe Florida Home Program, re-enacted during the most recent Special Session of the Florida Legislature, consists of two primary components:
- Wind Mitigation Home Inspections: The Department of Financial Services (DFS) anticipates conducting between 140,000 and 145,000 initial home inspections. All owners of site-built, single-family residential homes or townhouses are eligible to apply for a wind mitigation home inspection. This inspection will identify elements of your home’s construction that already mitigate against wind damage, and could result in insurance premium savings, and features that could be improved to mitigate against future wind damages. Premium savings will vary by insurance carrier.
- Wind Mitigation Grant Awards for Home Construction: DFS anticipates awarding between 11,000 and 12,000 grants based on current funding, with $2 being matched for every $1 the homeowner spends, up to $10,000. For example, if an applicant were to install new hurricane impact rated windows that cost $15,000, they would pay $5000 and the maximum grant would cover $10,000.
Prioritizing Policyholders
One of the key changes is the prioritization of applications for retrofitting grants. The new process aims to benefit low- and moderate-income homeowners, particularly those aged 60 and older. Here’s the timeline for application acceptance and prioritization:
- July 1-15: Low-income homeowners aged 60+
- July 16-30: Low-income homeowners
- July 31-August 14: Moderate-income homeowners aged 60+
- August 15-30: Moderate-income homeowners
- August 30 onward: All other eligible Florida homeowners
Once all funds are awarded, the application portal will close, and no further applications will be accepted until further notice.
Income Level Definitions
- Low Income: 80% or less of the median household income of your county.
- Moderate Income: 120% or less of the median household income of your county
Click here to see the Income Guidelines by County
Contractor Flexibility
Another significant update is the removal of the requirement for homeowners to use contractors selected by the Department of Financial Services. Effective July 1, homeowners can choose any licensed Florida contractor to perform the recommended improvements. This change gives homeowners greater control over their projects and the flexibility to manage contractor relationships.
Conclusion
The changes to the My Safe Florida Home Program reflect a strong commitment to supporting Florida homeowners, particularly those who are most vulnerable. By prioritizing low- and moderate-income homeowners and providing greater flexibility in choosing contractors, the program aims to make homes safer and insurance more affordable. We expect these funds to go quickly, so mark your calendar for the application dates and take advantage of these valuable opportunities to improve your home and reduce your insurance costs.
Additional Resources:
My Safe Florida Homeowner’s Guide
How Wind Mitigation Discounts Are Applied on Homeowner’s Insurance Policies
https://mysafeflhome.com/ – Check back after July 1 to apply!
