Slate of bills to reduce property insurance costs moves through Florida Senate

Writer: Nicholas Karsen
Published: Updated:
Florida Senate. FILE: CBS Miami

The Florida Senate has proceeded to move forward on several pieces of legislation designed to reduce the cost of homeowners’ insurance premiums.

House Bill 7073 states a reduction in property insurance premiums by more than $500 million statewide.

This bill will eliminate certain taxes and fees homeowners pay on their property and flood insurance and is set for final passage on Friday.

HB 7073 will include a one-year tax relief for residential property insurance policyholders and a one-year premium tax relief on flood policies.

The bill will cover policies written for twelve months between Oct. 1, 2024, and Sept. 30, 2025.

Senate Bill 7028 will provide improvement grants that Florida families can utilize to reduce insurance premiums by fortifying their homes, with priority for low-income families and seniors.

This bill will appropriate $200 million in additional grants, which will increase eligible improvements and implement policies for prioritization.

House Bill 1029 will create a pilot program for condominium associations to apply for mitigation grants.

The legislature will create the “My Safe Florida Condominium Pilot Program,” which will provide mitigation inspections and grants to eligible condominium associations.

The General Appropriations Act appropriates $25 million for the pilot program. 

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