CFO Jimmy Patronis talks Florida home insurance
with WPTV, says there's 'stability now'
'The changes we have made
have brought competition to the market,' Patronis says |
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Article Courtesy of WPTV Channel 5 West Palm Beach
By Matt Sczesny
Published April 15, 2024
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WATCH VIDEO |
WEST PALM BEACH — Florida Chief Financial Officer
Jimmy Patronis believes things are getting better with homeowners
insurance in Florida.
"I think you got stability now," he said during a visit Thursday to
WPTV's studios to talk about insurance.
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Patronis said the eight new insurance
companies coming into Florida this year will help stabilize
the market.
"The changes we have made have brought competition to the
market and it will have an effect, but it's not going to
happen overnight," Patronis said. "If you want to see a
change in your rates, go participate in the My Safe Florida
home program."
The My Safe Florida Home program has become incredibly
popular, offering grants of up to $10,000 for storm-related
improvements.
But since so many people have applied, funding keeps running
out, and many homeowners have been waiting since last fall
on applications.
"They're in the queue," Patronis said. "That 58,000 is going
to be the first that's going to have access to the money
starting July 1."
July 1 is the start of the new fiscal year for the state
when $200 million will be put into the program.
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Florida Chief Financial Officer Jimmy Patronis
discusses with WPTV reporter Matt Sczesny the state of the home
insurance market.
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That is also when the program will reopen for new
applications, giving priority to seniors and low-income families.
"If you're in the queue, once that money is there,
you're going to be OK," Patronis said. "Once the money is gone, we will
turn off the program."
"If you're in the queue, once that money is there, you're going to be
OK," Patronis said. "Once the money is gone, we will turn off the
program."
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