Florida Senate - 2026                                     SB 160
       
       
        
       By Senator Davis
       
       
       
       
       
       5-00506-26                                             2026160__
    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 eligibility for financial
    7         assistance from the trust fund; providing for funding
    8         and administration of the trust fund; providing
    9         legislative intent; providing for future review and
   10         termination or re-creation of the trust fund;
   11         providing an effective date.
   12          
   13  Be It Enacted by the Legislature of the State of Florida:
   14  
   15         Section 1. Section 624.3153, Florida Statutes, is created
   16  to read:
   17         624.3153 Emergency Residential Property Insurance
   18  Assistance Trust Fund.—
   19         (1) There is created within the Department of Financial
   20  Services the Emergency Residential Property Insurance Assistance
   21  Trust Fund to provide financial assistance to homeowners who can
   22  demonstrate financial need or an inability to pay their
   23  homeowners’ insurance due to rate increases. A homeowner who has
   24  a total annual household income that does not exceed $250,000
   25  before taxes is eligible for financial assistance from the trust
   26  fund.
   27         (2) The trust fund shall consist of $500 million drawn from
   28  unallocated general revenue.
   29         (3) It is the intent of the Legislature that, until
   30  permanent solutions can be provided to prevent the displacement
   31  of Florida homeowners, the trust fund shall serve as a temporary
   32  source of financial relief to help ensure housing stability.
   33         (4) The department shall administer the trust fund.
   34         (5) In accordance with s. 19(f)(2), Art. III of the State
   35  Constitution, the trust fund shall, unless terminated sooner, be
   36  terminated on July 1, 2030. Before its scheduled termination,
   37  the trust fund shall be reviewed as provided in s. 215.3206(1).
   38         Section 2. This act shall take effect July 1, 2026.