Florida Homeowners Get a Break: New Tax Relief on Insurance Premiums
- Jacquelyn
- Jul 25, 2024
- 2 min read
Governor Ron DeSantis has signed a new bill offering significant tax relief for Florida property owners. Part of a $1.5 billion tax relief package, this legislation aims to ease the financial burden on homeowners.
Relief for Rising Insurance Costs
Homeowners in Florida have faced increasing insurance premiums in recent years, making homeownership more expensive. The new bill waives all taxes on homeowners and flood insurance premiums for an entire year. Governor DeSantis said, "We are waiving all taxes on insurance premiums for a full year, for homeowners policies and flood insurance policies, so we are trying to provide relief."
How Much Will Homeowners Save?
We spoke with insurance agent Jared Mancil, who has seen firsthand the struggles of rising insurance prices. Mancil shared, "Families that were paying around $1,800 just three or four years ago are now paying between $5,000 and $6,000." While the tax relief is helpful, Mancil noted that the average savings for homeowners might be modest, around $100 a year or less.
The "My Safe Florida Home" Program
Another important part of the governor's plan is the "My Safe Florida Home" program, which received an additional $200 million in April. This program offers financial incentives for homeowners to invest in home hardening measures like new roofs, storm shutters, or impact glass. For every dollar spent, the state will contribute two dollars, up to $10,000.
When Will the Relief Start?
The tax relief measures will take effect on July 1, 2024. While the immediate savings may be small for individual homeowners, these efforts represent a broader commitment to making homeownership more affordable in Florida.
Governor DeSantis’s initiatives, including the tax relief and the "My Safe Florida Home '' program, show a proactive approach to supporting homeowners and making Florida communities more resilient.
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