Meeting Packet — Florida House Insurance & Banking Subcommittee (October 15, 2025)
Summary
Meeting packet of the Insurance & Banking Subcommittee of The Florida House of Representatives Commerce Committee for Wednesday, October 15, 2025. The agenda lists presentations on the My Safe Florida Home Program and the Florida Hurricane Catastrophe Fund by Steven Fielder, Chief Business Officer, and Gina Wilson, Chief Operating Officer. The Department of Financial Services slides describe My Safe Florida Home as a wind mitigation grant program, with statistics from November 18, 2022 through October 8, 2025 of 122,057 initial home inspections completed and $384,453,652 in total grant funds reimbursed. The State Board of Administration slides cover the Florida Hurricane Catastrophe Fund, including a statutory liability limit of $17 billion.
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“Meeting Packet — Florida House Insurance & Banking Subcommittee (October 15, 2025).”
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Insurance & Banking Subcommittee
Wednesday, October 15, 2025
11:30 AM - 1:00 PM
Morris Hall (17 HOB)
Meeting Packet
Daniel Perez Bradford Yeager
Speaker Chair
The Florida House of Representatives
Commerce Committee
Insurance & Banking Subcommittee
Daniel Perez Bradford Yeager
Speaker Chair
Meeting Agenda
Wednesday, October 15, 2025
11:30 am – 1:00 pm
Morris Hall (17 HOB)
I. Call to Order
II. Roll Call
III. Welcome and Opening Remarks
IV. Presentations on the My Safe Florida Home Program and the Florida Hurricane
Catastrophe Fund:
• Steven Fielder, Chief Business Officer, My Safe Florida Home Program
• Gina Wilson, Chief Operating Officer, Florida Hurricane Catastrophe Fund
V. Closing Remarks
VI. Adjournment
214 House Office Building, 402 South Monroe Street, Tallahassee, Fl 32399-1300
(850) 717-4870
Department of
Financial Services
- - - - - - - DEPARTMENT OF FINANCIAL SERVICES - - - - - - - - .
My Safe Florida Home Program
House Insurance and Banking Subcommittee
October 15, 2025
- - - - - - - CFO BLAISE INGOGLIA - - - - - - -
- - - - - - - - - - DEPARTMENT OF FINANCIAL S E R V I C E S - - - - - - - - - .
What is My Safe Florida Home?
The My Safe Florida Home Program (Program) is a wind mitigation
grant Program to harden single family homes against future wind
damage caused by storms. Through home hardening, it is a goal of the
Program to help homeowners obtain the lowest possible insurance
premiums.
Two grant types: Low Income - No matching required, up to $10,000
Matching - $2 for every $1, up to $10,000
- - - - - - - - - - CFO BLAISE I N G O G L I A - - - - - - - - -
- - - - - - - - - - DEPARTMENT OF FINANCIAL S E R V I C E S - - - - - - - - - .
MSFH Program Appropriations
• MSFH appropriations:
• May 2022 (Special Session D)
• July 2023 (Regular Session)
• November 2023 (Special Session C)
• July 2024 (Regular Session)
• July 2025 (Regular Session)
Home Inspections Mitigation Grants Education & Administration/FTE
Consumer
Awareness
$33,960,960 $833,816,000 $1,565,000 $44,914,620
• Administrative overhead as percentage of total program cost: 5.0%
- - - - - - - - - - CFO BLAISE I N G O G L I A - - - - - - - - -
- - - - - - - - DEPARTMENT OF FINANCIAL S E R V I C E S - - - - - - - .
Program Requirements
Statutory Wind Inspection Qualifications:
~
• Site-built,
• Single-family,
• Residential home. (Townhomes added 7/1/23.) My Safe Fl Hom~
Statutory Grant Qualifications:
Stronger Homes. Safer Florida.
• Homeowner must have homestead exemption.
• Home must be a dwelling with an insured value* of $700,000 or less.
• The building permit application for initial construction of the home must have
been made before July 1, 2008.
• Homeowner must be low or moderate income. (New requirement for 2025.)
• Inspection report must be less than 24 months old. (New requirement for 2025.)
- - - - - - - - - - CFO BLAISE I N G O G L I A - - - - - - - - -
- - - - - - - - - - DEPARTMENT OF FINANCIAL S E R V I C E S - - - - - - - - - .
What does the grant pay for?
Roof related items:
• Roof deck attachments
• Roof-to-wall connections
• Secondary water resistance for roof
Opening protection improvements:
• Hurricane impact windows and doors
• Hurricane shutters for windows and doors
- - - - - - - - - - CFO BLAISE I N G O G L I A - - - - - - - - -
- - - - - - - - - - DEPARTMENT OF FINANCIAL S E R V I C E S - - - - - - - - - .
The Steps
The Program follows these basic steps:
• An initial home inspection is completed to determine what areas of the home could be
improved.
• Following initial inspection, the homeowner should choose a project and obtain quotes
from contractors.
• Homeowner submits grant application, providing the project and contractor
information. (Process change for 2025.)
• Once approved for the grant, funds are set aside for the homeowner, pending
completion of the work.
• Following completion of the work, homeowner request final inspection.
• Final inspection is completed.
• Homeowner request reimbursement and submits required receipts.
• Reimbursement is processed.
- - - - - - - - - - CFO BLAISE I N G O G L I A - - - - - - - - -
- - - - - - - - - - DEPARTMENT OF FINANCIAL S E R V I C E S - - - - - - - - - .
MSFH – Statistics (Since inception)
November 18, 2022, thru October 8, 2025
• Initial home inspections completed: 122,057
• Grant applications approved/obligated: 63,073
• Final home inspections completed: 43,003
• Homeowners reimbursed: 40,719
• Total grant funds reimbursed: $384,453,652
- - - - - - - - - - CFO BLAISE I N G O G L I A - - - - - - - - -
- - - - - - - - - - DEPARTMENT OF FINANCIAL S E R V I C E S - - - - - - - - - .
MSFH – Statistics (Since portal reopened)
August 4, 2025 thru October 8, 2025
• Initial home inspections completed: 12,394
• Grant applications approved/obligated: 4,216
• Final home inspections completed: 1,050
• Homeowners reimbursed: 1,514
• Total grant funds reimbursed: $ 14,074,511
- - - - - - - - - - CFO BLAISE I N G O G L I A - - - - - - - - -
- - - - - - - - - - DEPARTMENT OF FINANCIAL S E R V I C E S - - - - - - - - - .
MSFH- Impact (Since inception)
Of 40,719 homeowners reimbursed:
• Opening Protection (Doors and windows) – 47.33%
• Secondary water resistance (Roof covering) – 34.36%
• Roof to deck attachments (Roof decking to code) – 11.71%
• Roof to wall connections (Hurricane clips/straps) – 6.61%
- - - - - - - - - - CFO BLAISE I N G O G L I A - - - - - - - - -
- - - - - - - - - - DEPARTMENT OF FINANCIAL S E R V I C E S - - - - - - - - - .
MSFH - Methodology
MSFH Program requires updated insurance documentation as part of the request
for reimbursement of the grant, post construction.
• Updated declaration page.
• Email notification from insurance agents to homeowners.
• Letter from insurance company to homeowners.
Program staff tracks and records discount information.
- - - - - - - - - - CFO BLAISE I N G O G L I A - - - - - - - - -
- - - - - - - - - - DEPARTMENT OF FINANCIAL S E R V I C E S - - - - - - - - - .
MSFH – Impact (Since inception)
Raw numbers of homeowners impacted by MSFH.
• Homeowners realizing a premium reduction: 20,995
• Homeowners whose premium remained stable: 12,154
• Homeowners who saw a premium increase: 5,520
• No premium information provided/available*: 2,050
(*Low-income homeowners were not required to show proof of insurance to participate in the Program prior
to July 1, 2025.)
- - - - - - - - - - CFO BLAISE I N G O G L I A - - - - - - - - -
- - - - - - - - - - DEPARTMENT OF FINANCIAL S E R V I C E S - - - - - - - - - .
MSFH – Impact on Premiums
Of homeowners realizing a discount
• Average Annual Premium Discount in 2023: $ 968
• Average Annual Premium Discount in 2024: $ 938
• Average Annual Premium since inception: $ 880
Note: Beginning 7/1/25 only low-and-moderate income homeowners are eligible
for a grant. This will impact future premium savings as these homes typically have a
lower insured value.
- - - - - - - - - - CFO BLAISE I N G O G L I A - - - - - - - - -
State Board of
Administration
Overview of the Florida Hurricane Catastrophe Fund
Gina Wilson, Chief Operating Officer
State Board of Administration
October 15, 2025 ll9)H I~
STATE BOARD OF ADMINISTRATION
OVERVIEW OF FHCF
Created following Hurricane Andrew to provide stability and add capacity to the
residential property insurance market
Plays a key role in the Florida property insurance market
Provides a stable and ongoing source of reimbursement to residential property
insurers for a portion of their catastrophic hurricane losses
Structured as a tax-exempt trust fund that is administered by the State Board of
Administration of Florida
Participation in the FHCF is mandatory for Florida residential property insurers,
with some exceptions
2
OVERSIGHT OF THE FHCF
Administered by the State Board of Administration
SBA Trustees:
Governor (Ron DeSantis)
Attorney General (James Uthmeier)
Chief Financial Officer (Blaise Ingoglia)
SBA Executive Director (Chris Spencer)
FHCF Chief Operating Officer (Gina Wilson)
Nine-member Advisory Council appointed by the SBA Trustees to provide
information and advice
3
FHCF FRAMEWORK
Premiums charged to insurers are Paid losses on covered policies must meet
based on their proportionate share of
residential risk exposure in the State ~ a specified level (retention) before FHCF
coverage begins
After each insurer’s retention is met,
Coverage for any single Contract Year is
reimbursements are based on the insurer’s
~ limited to the lesser of the Actual Claims-
selected coverage level of 45%, 75% or
l(o O o!I paying Capacity of the FHCF or the
90% plus 10% allowance for loss
statutory liability limit of $17 billion
adjustment expenses
When liquid resources are insufficient to
The FHCF also engages in other financing
meet its obligations, the FHCF can issue
options prior to a hurricane to improve
revenue bonds backed by assessments on
liquidity and potentially minimize the need
most types of Florida property and
for assessments
casualty policies
4
FHCF FRAMEWORK
The FHCF statute requires an “Actuarially indicated” is defined by
independent consultant selected by the statute to mean an amount that in the
SBA “develop a formula for determining aggregate is adequate, but not excessive,
the actuarially indicated premium” to be to pay current and future obligations and
paid to the FHCF. expenses of the FHCF.
Rates are based on insurers’ reported The premium formula is annually adopted
exposures and the hurricane loss models through the rulemaking process of the
found acceptable by the Florida Administrative Procedure Act and must
Commission on Hurricane Loss Projection be approved by unanimous vote of the
Methodology. SBA Trustees.
5
FHCF FUNDING
Where Does the FHCF Get Its Funds?
Where Do They Go?
Investment
Loss &
Income
Loss
Post Event Financial Adjustment
Assessments Products Expense
Premiums (10%)
Operating Mitigation
Expense Funding
Balance
6
Florida Hurricane Catastrophe Fund 1m1a.
FLORTDA
6
2025/2026 Contract Year
Preliminary Estimates
Maximum Coverage Chart - $17B FHCF Capacity as of April 21, 2025
(Loss Adjustment Expense of 10% is included in the capacity)
Projected Year-End Fund Balance is net of total losses incurred of $8.5B for Hurricane Ian, $1M for Hurricane Idalia, $10M for Hurricane Helene and $3.0B for Hurricane Milton
$10.3B Potential
$7.03B – Post-Event Bonding post-event
bonding in 2025/2026
$2.8B Industry
$1.0B – Series 2024A Pre-Event Bonds
Co-Payments
(in billions)
$2.25B – Series 2020A Pre-Event Bonds
$6.72 Projected Fund Balance
$2.25 Remaining 2020A Bonds
$6.72B Projected 2025 $1.00 2024A Bonds
Year-End Fund Balance $9.97 Total Liquid Resources
$7.8 May 2025 Estimated
Borrowing Capacity (0-12 months)
$11.3B Projected Industry Retention
• Relevant data is aggregated for all participating insurers. Each participating insurer has its own retention and maximum coverage level. All insurers would need to reach their maximum coverage limits in order to exhaust the last
billion of FHCF Coverage. Insurers can trigger coverage below the industry retention.
Not Drawn to Scale (For Illustrative Purposes Only)
TWO TYPES OF FHCF DEBT
Post-event debt
Issued following a hurricane event that exhausts the cash balance
Tax-exempt or taxable bonds may be used
Primary source of revenue to repay the bonds: assessments on most
property/casualty premiums
Used to reimburse insurers for paid losses
$2.651 billion issued to date
Pre-event debt
Issued before a hurricane event
Taxable bonds only
Primarily a source of liquidity to enable the FHCF to pay claims on a timely and
sufficient basis
$14.0 billion issued to date 8
BOND REPAYMENT MECHANISMS
Emergency assessments levied on property/casualty premiums are the primary
source of funding for FHCF revenue bonds
The assessment base totals more than $92 billion
Assessments are terminated when they have generated sufficient revenues to repay the bonds
Other funding sources are also pledged to repayment of FHCF revenue bonds:
Reimbursement premiums – mandatory participation creates a substantial and stable premium
base and are collected annually - $1.3 billion projected for 2025
Investment earnings - portfolio invested according to conservative guidelines
Pre-event bonds are also secured by unspent proceeds.
9
HURRICANE LOSS REIMBURSEMENTS
Summary of FHCF Losses
as of
8/31/2025
($ bi l l i ons )
Ian Idalia Helene Milton TOTAL
Projected Industry Ultimate
Total Incurred Loss (prior to $18.84 $0.36 $1.13 $10.99 $31.33
FHCF retention & co-pay)
Projected FHCF Ultimate Total
$8.00 $0.001 $0.01 $2.50 $10.51
Incurred Loss
Total Paid to Date $5.50 $0.00 $0.00 $0.005 $5.50
# of Insurers Paid to Date 78 0 1 4
10
Florida Hurricane Catastrophe Fund lml•.
FLORIDA
10
CONTACT: Gina Wilson, FHCF Chief Operating Officer
Email: gina.wilson@sbafla.com
PH: 413-1340
STATE BOARD OF ADMINISTRATION OF FLORIDA
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