Posted at 7:31 PM, Apr 04, 2024
WEST PALM BEACH, Fla. — Florida Chief Financial Officer Jimmy Patronis believes things are getting better with homeowners insurance in Florida.
“I think you got stability now,” he said during a visit Thursday to WPTV’s studios to talk about insurance.
Patronis said the eight new insurance companies coming into Florida this year will help stabilize the market.
“The changes we have made have brought competition to the market and it will have an effect, but it’s not going to happen overnight,” Patronis said. “If you want to see a change in your rates, go participate in the My Safe Florida home program.”
The My Safe Florida Home program has become incredibly popular, offering grants of up to $10,000 for storm-related improvements.
But since so many people have applied, funding keeps running out, and many homeowners have been waiting since last fall on applications.
“They’re in the queue,” Patronis said. “That 58,000 is going to be the first that’s going to have access to the money starting July 1.”
July 1 is the start of the new fiscal year for the state when $200 million will be put into the program.
That is also when the program will reopen for new applications, giving priority to seniors and low-income families.
“If you’re in the queue, once that money is there, you’re going to be OK,” Patronis said. “Once the money is gone, we will turn off the program.”