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Florida Senate approves tax package on home insurance premiums, but how much will it save homeowners?

State senators say savings equates to between $60-75 per household
Posted at 10:53 AM, Mar 08, 2024
and last updated 2024-03-08 20:11:02-05

WEST PALM BEACH, Fla. — Florida lawmakers ended their session in Tallahassee by passing some new measures aimed at tackling the home insurance crisis.

Senators approved a wide-sweeping tax package Friday that will trim homeowners premiums by a modest amount of 1.75%.

Some state senators told WPTV that the savings amounts to between $60 and $75.

"It's a slap in the face. They need to add a zero or two to that," Lori Lanni of Royal Palm Beach said. "That's what we're looking for, looking for some kind of a break, and we're not getting it."

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Lori Lanni is among the residents disappointed that more wasn't done by Florida lawmakers to lower home insurance costs.
Lori Lanni is among the residents disappointed that more wasn't done by Florida lawmakers to lower home insurance costs.

Lawmakers this week did green light $200 million for the popular My Safe Florida Home Program, which provides free home inspections and offers grants of up to $10,000 for storm-related improvements.

The program is touted as a way to lower insurance premiums.

They also voted to expand the program to condo associations.

State Rep. Christine Hunschofsky speaks about insurance reform measures that lawmakers passed during this year's legislative session.
State Rep. Christine Hunschofsky speaks about insurance reform measures that lawmakers passed during this year's legislative session.

Democrats, a political minority in the Capitol, say many of their insurance ideas weren't approved.

"For me, I don't know why we're waiting to see ... how (the property insurance crisis) has impacted the people in my district and the people throughout the state of Florida," state Rep. Christine Hunschofsky, D-Parkland, said. "I do wish we had done more."

Republicans like CFO Jimmy Patronis said the $200 million for My Safe Florida Home funding was a big victory, and there are thousands of homeowners looking to tap into those grants this year.

Don't forget to watch WPTV's one-hour "Coverage Collapse" special this Monday at 7 p.m.

Coverage Collapse One Hour Special Monday, 7 PM