Just a week after a pilot program for strengthening Florida condominiums was launched it reached maximum capacity and is no longer accepting applications. The overwhelming response could underscore the need for wind mitigation and could set the stage for more funding from lawmakers early next spring.
The My Safe Florida Condominium program, similar to the popular My Safe Florida Home, provided two-to-one matching grants for inspections and wind mitigation work on condo buildings within 15 miles of the coast, up to $175,000 per condo association.
The Legislature approved the program early this year with $30 million in funding, and it was launched Nov. 14. By Nov. 19, the funding had been exhausted after at least 150 associations had been accepted for the grants, a spokesman for the Florida Department of Financial Services said.
The grants will provide for condominium inspections and retrofitting designed to make condo buildings more resistant to hurricane winds. Measures may include stronger roof-to-wall connections, stronger roof systems, as well as stronger windows and doors.
A number of people familiar with Florida’s property insurance situation have said more wind mitigation measures are key to reducing losses in hurricanes. The pilot program legislation was sponsored by state Sen. Nick DeCeglie, R-St. Petersburg, whose district includes one of the areas hardest hit by Hurricane Milton in October.
Topics Mergers & Acquisitions Florida
Was this article valuable?
Here are more articles you may enjoy.
Aspiring Alabama Country Singer/Claims Adjuster Charged After Violating Bond at CMA 
Unite and Conquer: How the Insurance Industry Can Deflate Social Inflation 
Mattel Sued Over ‘Wicked’ Dolls With Porn Website Link 
Zurich Completes $600M Buy of AIG’s Travel Insurance Business 
