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

Plain English Breakdown

Checked against official source text during the last sync.

Emergency Home Insurance Help Fund

This bill creates a fund to provide financial assistance to homeowners who cannot afford their home insurance due to rate increases.

What This Bill Does

• Creates the Emergency Residential Property Insurance Assistance Trust Fund within the Department of Financial Services.
• Provides financial assistance to homeowners with an annual income under $250,000 who need help paying for home insurance because rates have increased.
• Funds the trust with $500 million from unallocated general revenue.
• Requires the Department of Financial Services to manage and administer the fund.
• Sets a termination date of July 1, 2030, unless reviewed earlier.

Who It Names or Affects

• Homeowners who need help paying for home insurance due to rate increases.
• The Department of Financial Services which will manage the trust fund.

Terms To Know

Trust Fund

A special account set up by a government agency or department to hold money for specific purposes, like helping homeowners with insurance costs.

Department of Financial Services

The state agency responsible for managing financial matters and overseeing the trust fund in this case.

Limits and Unknowns

• The bill does not specify what happens if the trust fund is terminated before July 1, 2030.
• It's unclear how many homeowners will qualify for assistance from the trust fund.

Official Summary Text

Emergency Residential Property Insurance Assistance Trust Fund/Department of Financial Services; 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.

Current Bill Text

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.