Title: Emergency Residential Property Insurance Assistance Trust Fund/Department of Financial Services

Summary: Creating the Emergency Residential Property Insurance Assistance Trust Fund within the Department of Financial Services; providing eligibility for financial assistance from the trust fund; providing for funding and administration of the trust fund; providing for future review and termination or re-creation of the trust fund, etc.

Full Text:
An act relating to trust funds; creating s. 624.3153, F.S.; creating the Emergency Residential Property Insurance Assistance Trust Fund within the Department of Financial Services; providing the purpose of the trust fund; providing eligibility for financial assistance from the trust fund; providing for funding and administration of the trust fund; providing legislative intent; providing for future review and termination or re-creation of the trust fund; providing an effective date. Be It Enacted by the Legislature of the State of Florida: Section 1. Section 624.3153, Florida Statutes, is created to read: 624.3153   Emergency Residential Property Insurance Assistance Trust Fund.  (1)   There is created within the Department of Financial Services the Emergency Residential Property Insurance Assistance Trust Fund to provide financial assistance to homeowners who can demonstrate financial need or an inability to pay their homeowners  insurance due to rate increases. A homeowner who has a total annual household income that does not exceed $250,000 before taxes is eligible for financial assistance from the trust fund. (2)   The trust fund shall consist of $500 million drawn from unallocated general revenue. (3)   It is the intent of the Legislature that,until permanent solutions can be provided to prevent the displacement of Florida homeowners,the trust fund shall serve as a temporary source of financial relief to help ensure housing stability. (4)   The department shall administer the trust fund. (5)   In accordance with s. 19(f)(2), Art. III of the State Constitution, the trust fund shall, unless terminated sooner, be terminated on July 1, 2030. Before its scheduled termination, the trust fund shall be reviewed as provided in s. 215.3206(1). Section 2. This act shall take effect July 1, 2026.