June 15, 2022
For anyone in the Sunshine State who’s considering home upgrades before hurricane season ramps up, the state of Florida has some incentives to help get those projects going.
July 1 begins a 2-year, tax-free window on impact-resistant doors, garage doors, and windows.
Florida’s Chief Financial Officer Jimmy Patronis offered a window into the state’s new Home Hardening Tax Exemption program during an appearance at a window company in Tampa Tuesday.
Patronis says the program, signed into law by Governor DeSantis in May, will help homeowners save money while protecting themselves from costly damages and major headaches, if a storm hits the state.
Patronis said homeowners, and even business owners, who take advantage of the tax-free program are also eligible to save on their insurance by having an inspector provide wind-mitigation certifications on the upgrades.
Patronis said, at the end of the day, this program will empower Florida homeowners to make their homes safer, more valuable and better protected from mother nature.
During the special session on insurance reform, the Legislature also provided $150 million in funding for the My Safe Florida Home grant program. That’s up to $10,000 per home for Floridians to make storm improvements. Combined with the CFO’s priority Home Hardening Tax Savings Initiative, that’s more than $612 million in consumer relief, a remarkable amount of savings for Florida consumers to shield their homes from storms.
Insurance Commissioner David Altmaier said, “Living in Florida, storms are just a fact of life and the Home Hardening Tax Exemption initiative is a tremendous way for Florida consumers to protect their home against storms while saving money on their insurance premiums. Once the necessary wind-storm mitigation products are installed on your home and an inspection is complete, it’s required that you receive a discount from your insurance company. This is a great way to save money while protecting your home. Thank you to Governor DeSantis for signing this legislation and to CFO Patronis for championing this initiative to help Floridians harden their home.”
Insurance Consumer Advocate Tasha Carter said, “Florida insurance consumers are looking for premium relief and there is no better way to protect your home while saving money then investing in home hardening. By saving on impact resistant items like doors, windows, and garage doors, you are fortifying your home and lowering your insurance premiums at the same time. I encourage every Florida homeowner to take advantage of this initiative starting July 1st. Thank you to CFO Patronis for advocating for this tremendous tax savings to allow Floridians to protect their biggest asset.”
According to NOAA this year’s hurricane season will likely be above-average, with 14 to 21 named storms and a prediction of 3 to 6 of them becoming major hurricanes, meaning categories 3, 4 or 5.
The Home Hardening Tax Exemption starts July 1, 2022 and runs through June 30, 2024. Patronis added that if the program goes well, it would likely be extended past 2024.
To learn more about the Florida Home Hardening Tax-Free Initiative and PrepareFL click here.
Florida law requires insurance companies to extend premium discounts for projects associated with the Home Hardening measure. For more information explaining mandatory premium discounts, click here.
Consumers can also access the Florida Office of Insurance Regulation’s online-fillable premium discount form here.
For more information on specific tax requirements, please read the Florida Department of Revenues Tax Information Publication (TIP) Sheet here.
(Sources: Tampa FOX 13, Florida Daily and Florida Department of Financial Services)