Will DeSantis’ nearly $115 billion budget help you?

Governor Ron DeSantis took a break from his campaign trail and came down to southwest Florida to announce his nearly $115-billion budget proposal, but now that the excitement has worn off, you may be wondering how much of that money is actually going to you.

The proposed budget includes $409 million for temporary relief for property insurance premiums.

The goal is to save taxpayers money and decrease the average insurance premium by up to 6% but an expert on Florida insurance WINK talked with said he still expects homeowners to pay more in insurance premiums next year.

Desantis’ budget proposal includes a one-year exemption on taxes, fees, and assessments on property insurance for homeowners’ insurance policies.

“We’ve analyzed the budget proposal and broken it down as to what this really means for consumers,” said Mark Friedlander, Insurance Information Institute.

DeSantis said it will save taxpayers $409 million and decrease the average insurance premium by up to 6%

“If you look at 6% being reduced in terms of taxes and fees that are typically applied to an insurance premium bill, you’re talking about $360. Any savings is good,” Friedlander said.

Friedlander is the Florida spokesperson for Insurance Information Institute, a non-partisan, nonprofit organization that educates consumers about insurance.

“Based on past trends and the citizen’s rate increase that already is in motion, we’re looking at double-digit increases pretty much across the board next year, so, when you look at the big picture of the $360 savings, it’s going to be outweighed by a double-digit rate increase,” Friedlander said.

Homeowners in Florida have already seen a significant increase in insurance premiums. It even led to a number of special sessions and state programs intended to provide relief.

“The Insurance Information Institute has analyzed that Florida’s home insurance premium is nearly three times the U.S average, so we’re paying about $6,000 on average in Florida, versus 1,700 averages across the country.”

Despite the governor’s budget proposal, he expects homeowners to pay more in insurance premiums next year.

“So, will $360 be a big savings? We want to be very realistic. As I said, every penny saved is a good thing, but will that have a significant impact on household budgets? Probably not,” Friedlander said.

Florida senator Lauren Book criticized the governor’s proposed budget. She pointed to rising costs that she said must be addressed but said she sees hope in the budget for insurance.