Former Florida State Senator criticizes My Safe Florida Home program as “political theater”
Florida’s property insurance crisis may require millions more in state funding, according to a former state senator. Governor Ron Desantis recently unveiled his proposed budget for fiscal year 2024, which includes $107 million to enhance the sustainability of the My Safe Florida Home program. This program offers grants to individuals seeking to fortify their homes against wind storms, with homeowners contributing a third of the cost and the state covering the remaining two-thirds, up to $10,000. Stacey Giulianti, co-founder of Florida Peninsula Insurance, emphasized the significance of this initiative, acknowledging the substantial financial investment it entails.
The grants provided by the My Safe Florida Home program aim to help homeowners safeguard their properties from heavy rain and wind, ultimately leading to reduced insurance premiums. Delray Beach residents, Marcia and David Hayot, shared their experience with the program, as they had discontinued their insurance coverage due to exorbitant costs. Instead, they decided to set aside their own funds for potential damages. While some believe that the My Safe Florida Home program will effectively address the state’s insurance crisis, others argue that it falls short.
Jeff Brandes, a former state senator and president of the Florida Policy Project, labeled the program as “political theater” during the Florida Chamber’s annual insurance summit in Orlando. Brandes believes that the current funding allocation is insufficient, estimating that it would take approximately 550 years to cover all the houses in Florida using the program’s existing resources. He emphasized the program’s limitations and the need for billions of dollars to effectively mitigate property losses.
Brandes’ sentiments were echoed by other state leaders at the summit, who stressed the need for substantial funding to combat the insurance crisis. While the program offers a $10,000 grant with a matching contribution from homeowners, the cost of window replacements alone can amount to $20,000 to $30,000, not to mention additional expenses like garage doors. The potential expenses associated with home fortification highlight the program’s understated financial burden.
WPTV reached out to Governor Desantis’ office for comment on the matter but has not received a response yet. Brandes expressed his disappointment with the lack of ongoing studies in Florida to explore strategies for lowering property insurance rates, deeming it a form of negligence. The complexities and challenges surrounding the property insurance crisis necessitate further examination and substantial investment to provide adequate protection for Florida homeowners.
[Image: Stacey Giulianti outlines how the My Safe Florida Home program can possibly save Florida residents money on their insurance. – WPTV]
[Image: Former state Sen. Jeff Brandes explains why he believes the My Safe Florida Home program is “ineffective at best.” – WPTV]
