Jimmy Patronis, Florida’s Chief Financial Officer (CFO) and State Fire Marshal, stated in a July 12 post on X that he has advocated for the home hardening tax cut to assist families in protecting their homes from hurricanes and reducing their insurance premiums.
"Hardening homes against storms and wind damage protects families and lowers insurance premiums," said Patronis. "That's why I've fought so hard for legislative changes like the home hardening, tax cut. And we're going to keep fighting for Florida homeowners."
According to the nonprofit government watchdog Florida Tax Watch, legislative reforms enacted in recent years have helped reduce excessive litigation and stabilize the state’s insurance market. However, the group indicated that more could be done to assist homeowners with weather-mitigation efforts. For example, Florida Tax Watch noted that in June, a sales tax break for wind-resistant doors and windows expired. The group suggested lawmakers should consider continuing it. "State policymakers should consider extending the program or establishing a longer program to encourage home hardening among all homeowners," the organization said in the report. "Home hardening helps prevent future damage, thereby limiting risk for insurers and, in turn, limiting the growth of premiums."
Property insurance rate filings for 2024 are experiencing a downward trend for the first time in years, according to a press release from Florida’s Office of Insurance Regulation (OIR). OIR attributed the insurance market’s stabilization to "historic legislative reforms" of the last several years. Signs of the strengthening market include ten companies filing for zero percent rate increases, another eight companies filing rate decreases to take effect this year, and eight new companies being approved to enter the state’s homeowner’s insurance market.
Patronis previously served as a member of the Florida Elections Commission and as a State Representative from 2006 to 2014, according to the state CFO website. As CFO, Patronis oversees the licensing of insurance agents and agencies.