Florida Experts Advocate for Enhanced Wind Mitigation to Protect Homes and Reduce Insurance Costs
At the recent Florida Office of Insurance Regulation's Insurance Summit, experts discussed the need for more comprehensive wind mitigation strategies in Florida. Despite having the largest wind-mitigation grant program in the U.S., providing over $300 million to homeowners, the current efforts are deemed insufficient. The program is not effectively targeting properties that would yield the most benefit for insurers, homeowners, and state interests. The upfront costs of building homes to exceed state building codes, which could withstand hurricanes better, are a significant barrier. Experts like Charles Nyce from Florida State University highlighted that constructing homes to a hurricane-resistant standard could add $20,000 to $30,000 in costs, while the My Safe Florida Home grant program offers matching grants only up to $10,000. The panel suggested that public-private partnerships, a storm-resistance grading system, and changes in accounting and tax rules could incentivize more robust home construction. 
