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New state laws bring new ways to save money on your insurance

July 1st marks the beginning of the new fiscal year in Florida.
Posted at 5:04 PM, Jul 01, 2024

The first day of July brings several new laws in Florida including some that can save you money on your homeowner’s insurance.

Florida residents pay nearly three times the national average on their property insurance.

This year’s state budget, signed by Gov. Ron DeSantis, includes $200 million for the popular My Safe Florida Home grant program.

This year, the program will prioritize senior citizens and low-income homeowners with two special application periods before opening to the public.

The initiative offers free home inspections and grants up to $10,000 for strengthening homes against storms with impact-resistant doors and windows.

The budget also featured two separate tax cuts on both flood and property insurance premiums.

The average Florida resident who has both kinds of insurance is expected to save around $200 this year, according to the Insurance Information Institute.

The budget gives more money to the Office of Insurance Regulation to hire more staff.

That’s the same agency that recently fined an insurance company a million dollars because of how it treated its customers after Hurricane Ian.

“Clearly, it’s a new day for regulation in Florida,” said Mark Friedlander with the Insurance Information Institute.

“They are delivering on their promise to consumers.”

A big change for Florida homeowners will be the extra steps now needed to sign on with Citizens Insurance, the state-run insurer of last resort.

A new state law taking effect on Monday now requires three quotes from private market insurers before signing on with Citizens.

Previously, only one quote was needed.

“There’s still a pretty large disparity between citizen’s rates and the private market,” said Friedlander.

Also starting Monday, a new law allows surplus lines carriers to take over coverage of second homes from Citizens insurance.

Lawmakers hope the move will help Citizens continue to depopulate.