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Could a new proposal really lower your insurance rates while hurricane-proofing your home?

Jimmy Patronis
Posted at 3:35 PM, May 09, 2023
and last updated 2023-05-09 15:35:34-04

Florida’s Chief Financial Officer Jimmy Patronis and local officials of Miami-Dade County spoke on a new proposal waiting to be signed by the governor’s desk that could lower your insurance rates while also making your home more hurricane resistant.

Tuesday’s news conference was all about how the state legislature is working to harden homes and make them more impact resistant, all while trying to lower insurance rates.  

Patronis, along with Miami’s local leaders, announced a new three-step plan that would help Floridians lower their home insurance rate.

“We are giving you money to harden your home, and we are giving you money for the inspection, and then that report will ultimately translate if there is improvements noted that your carrier did not know, you get a guaranteed rebate and discount through your insurance,” Patronis said. 

The state is providing up to $10,000 in grant money if you switch out your non-impact windows and doors to impact windows and doors. The money is given on a first-come, first-served basis to all Floridians who apply, and the work also includes a sales tax exemption until June 2024.  

While the exact discount rate on insurance has not been set yet, local officials promise that by doing improvements now, your home will be less susceptible to damage, therefore ensuring your rates remain low.  

Patronis wanted to emphasize Tuesday that everyone is experiencing higher insurance rates, largely due to more people moving to our state and higher interest rates. But he still believes Floridians should partake in the program.  

“Sometimes that is going to make those who are here have a little more challenge getting access to affordable insurance,” Patronis said. “But it will correct itself like what we saw in 2008—we made legislative changes, and the carriers start coming after each other. They fight for the customer.”  

According to the CFO’s office, Hurricane Michael saw 160,000 insurance claims and over $8 billion in losses. Hurricane Ian saw more than 700,000 claims and, so far, 13 billion in losses.  

Florida 24 Network asked Patronis how Floridians who may need to spend more than $10,000 to hurricane-proof their homes would be able to afford it.

“You sit down, and you talk with your dealers, and you let them assess the vulnerabilities with your house," Patronis said. "That’s what they do for a living. They understand the strengths and weaknesses of your house.”

With the start of hurricane season less than a month away, this proposal is still awaiting a final signature by the governor’s office before becoming available to Floridians.  

Those looking to learn more can click here.