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Committee funds My Safe Florida Home trust fund by tapping insurance premium tax
Summary
CS/SB 1466, creating a trust fund for the My Safe Florida Home program, was amended to fund the trust by allocating 20% of collected insurance premium tax revenue and was reported favorably by the committee.
Senator DeSigli presented CS for Senate Bill 1466 to the Banking and Insurance Committee on Oct. 12. The bill would create a trust fund to provide a dedicated funding source for the My Safe Florida Home program, a state initiative that offers mitigation inspections and grants to make single‑family homes more wind-resistant.
An amendment (barcode 431514) adopted in committee replaced the bill’s original funding source so that the proposed trust fund would receive 20% of collected insurance premium tax. The sponsor said total insurance premium tax receipts are expected to exceed $1,000,000,000 next year and that approximately $214,000,000 (the sponsor’s figure in committee testimony) would be allocated to the proposed trust fund under the amendment; the sponsor described the amendment as the primary funding change.
The committee heard no opposing public testimony; representatives from the Department of Financial Services, the Florida Insurance Consumer Advocate, AARP, Florida Realtors and industry stakeholders waived in support on appearance forms. With no recorded debate after testimony the committee adopted the amendment and reported the committee substitute favorably in a roll call.
Ending: The measure now moves forward with an earmark of 20% of insurance premium tax receipts pledged to the new My Safe Florida Home trust fund; the sponsor said the provision limits the trust to single‑family homes.
