ORLANDO, Fla. – Florida Chief Financial Officer Jimmy Patronis is convinced the “tide is turning” on home insurance rates for homeowners coast to coast.
“I had a carrier tell me this week they are going to make an application with the state to lower insurance rates,” Patronis told News 6.
During a visit to WKMG-TV studios, the veteran CFO said the 18-month period he had projected for insurance rate shifts are starting to play out.
“The cuts are coming from up here,” Patronis said, raising his hand above his head, “but it’s going the right way.”
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Patronis has been leading the charge to help homeowners cut their home insurance rates through state tax exemptions for “home hardening” upgrades with impact-resistant windows, doors and garages.
The home hardening tax exemptions are still available and run through June 30. The program waives sales tax on purchases between 6% and 7% depending on where you live.
“You put $10,000 worth of windows and doors on your house, you get sales tax free,” Patronis said. “That’s a big savings.”
For more information on the tax exemption, click here.
The CFO also stressed the $200 million approved by Gov. DeSantis that allows homeowners to have wind mitigation and impact-resistant windows, doors and garages installed by state-certified contractors. The My Safe Florida Home Program starts accepting applications for low-income homeowners 65 and over from July 1-15.
There will be 15-day increments for various groups up to Aug. 31, 2024.
Once completed, insurance rates will be “potentially lowered” for each recommended improvement .
Get a complete list of improvements and potential insurance savings at the My Safe Florida Home website.
If you have an investment or consumer issue, email makenedsmeet@wkmg.com.
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