Insurance Commissioner Michael Yaworsky today released the following statement in support of Governor Ron DeSantis’ 2024-2025 budget recommendations:
“Governor DeSantis’ budget recommendations demonstrate an ongoing commitment to Florida’s policyholders by providing the Florida Office of Insurance Regulation (OIR) with the necessary resources to regulate one of the most complex insurance markets in the world,” said Insurance Commissioner Michael Yaworsky. “Governor DeSantis’ Focus on Florida’s Future budget will ensure OIR can remain focused on protecting consumers and fostering an insurance market where insurance products are reliable, available and affordable for Floridians.”
Funding for OIR and relief to Florida’s policyholders as outlined in Governor DeSantis’ budget proposal includes:
- $431 million to lower the costs of insurance premiums for Florida homeowners, including:
- $409 million for a one-year exemption on taxes, fees, and assessments for residential property insurance policyholders.
- $22 million for a permanent insurance premium tax exemption on flood insurance policies.
- $107 million in recurring funding to make the My Safe Florida Home grant program permanent so it can continue assisting Florida homeowners through home inspections and cost sharing for approved home hardening and wind mitigation programs.
- $1.1 million for information technology initiatives to improve data analytics and interoperability.
- $475,000 to contract with a reinsurance expert to analyze reinsurance cycles and how they are impacting property insurance rates.
- $200,000 to research and identify additional mitigation measures that provide discounts to consumers on their homeowners’ insurance premium.
