Florida Senate - 2025                                    SB 1044
       
       
        
       By Senator Davis
       
       
       
       
       
       5-01220-25                                            20251044__
    1                        A bill to be entitled                      
    2         An act relating to trust funds; creating s. 624.3153,
    3         F.S.; creating the Emergency Residential Property
    4         Insurance Assistance Trust Fund within the Department
    5         of Financial Services; providing the purpose of the
    6         trust fund; providing for funding and administration
    7         of the trust fund; providing for eligibility for
    8         financial assistance from the trust fund; providing
    9         for future review and termination or re-creation of
   10         the trust fund; providing an effective date.
   11          
   12  Be It Enacted by the Legislature of the State of Florida:
   13  
   14         Section 1. Section 624.3153, Florida Statutes, is created
   15  to read:
   16         624.3153 Emergency Residential Property Insurance
   17  Assistance Trust Fund.—
   18         (1) There is created within the Department of Financial
   19  Services the Emergency Residential Property Insurance Assistance
   20  Trust Fund to provide financial assistance to homeowners who can
   21  demonstrate financial need or an inability to pay their
   22  homeowners’ insurance due to rate increases.
   23         (2) The trust fund shall consist of $500 million drawn from
   24  unallocated general revenue.
   25         (3) It is the intent of the Legislature that until
   26  permanent solutions can be provided to keep people in their
   27  homes, a homeowner who has a total annual household income that
   28  does not exceed $250,000 before taxes is eligible for financial
   29  assistance from the trust fund.
   30         (4) The department shall administer the trust fund.
   31         (5) In accordance with s. 19(f)(2), Art. III of the State
   32  Constitution, the trust fund shall, unless terminated sooner, be
   33  terminated on July 1, 2029. Before its scheduled termination,
   34  the trust fund shall be reviewed as provided in s. 215.3206(1).
   35         Section 2. This act shall take effect July 1, 2025.