TALLAHASSEE, Fla. — The state of Florida announced a new program Thursday that they hope will curb the surging costs of living in a condo.
Chief Financial Officer Jimmy Patronis and the Florida Department of Financial Services just launched what they're calling the "My Safe Florida Condo" pilot program.
Officials said the new initiative supports eligible condominium associations by providing free inspections and grant funding for wind mitigation improvements, which the state said has the added benefit of potentially lowering wind insurance premiums.
Real Estate News
How condo owners are fighting back against 'unsustainable' costs
Patronis said the "My Safe Florida Condo" is similar to the "My Safe Florida Home" program but currently limited in scope due to its initial pilot phase.
"The My Safe Florida Condo pilot program is a first step to helping Florida's condo community in the same ways that we have been able to help tens of thousands of homeowners through the My Safe Florida Home program," Patronis said in a statement. "Ultimately, what we learn from My Safe Florida Condo will help determine the future of the pilot program going forward."
Officials said the new pilot program was created by the Florida Legislature during the 2024 legislative session, providing $30 million in funding statewide.
Real Estate News
'REALLY WORRIED': Why these seniors fear they'll soon have to move
Condominium associations must be within 15 miles of the coastline to be eligible, and the maximum grant contribution per association is limited to $175,000. The grants are matched on the basis of $1 provided by the association for every $2 provided by the program.
In addition, the state said the following mitigation projects are authorized by the program:
- Opening protection, including exterior doors, garage doors, windows and skylights
- Reinforcing roof-to-wall connections
- Improving the strength of roof-deck attachments
- Secondary water resistance for roof
Florida's CFO said that under the pilot program, eligible condominium associations will receive a free initial inspection to identify existing hurricane-resistant features of their properties and potential recommendations for approved improvements.
Eligible condominium associations can then apply for a mitigation grant to implement the improvements recommended in their initial inspection report, state officials said.
"Nothing is more important than investing in the safety and security of Floridians, especially when it comes to hurricanes," Patronis said in a statement.
Click here to learn more and how to apply.
Matt Sczesny is determined every day to help you find solutions in Florida's coverage collapse. If you have a question or comment on homeowners insurance, you can reach out to him any time.
Read WPTV's latest "Coverage Collapse" stories below:
-
Spring travel savings hacks, as gas prices and airfares rise
Oil prices have surged since the start of the Iran war, sending gasoline prices and airfares higher. Some simple ways to save money on your spring travel this year.
Afraid to haggle? Here are 9 ways to negotiate to get a better price
We all know how important it is to haggle when buying a car. But there are many other areas where you should also haggle.
Gas at $3.53 a gallon: Are EVs more affordable?
Higher gas prices have drivers eyeing EVs. We compare costs to see when electric beats gas in your wallet.
Timeshares can turn into costly traps. What to know before you sign
Timeshares sound like great deals when you sit through the presentation. But one couple is now regretting their purchase, and is finding it nearly impossible to get out.
