In November, Florida CFO Jimmy Patronis announced the new "My Safe Florida Condo" pilot program, meant to somewhat mirror the "My Safe Florida Home" program that currently provides free hurricane mitigation inspections and limited grants for storm protection-based home improvements that may help reduce condo insurance costs.

With "My Safe Florida Condo," association boards and property managers are the beneficiaries of the free inspections and grant funds that may assist in lowering wind insurance premiums for their communities. Since it's a pilot program, the first round of funding will come from a pot of $30 million, to be distributed to qualifying condominium associations with maximum grant contributions of $175,000 per association… $1,500 per unit. And while it is likely the funds will be exhausted quickly, we would certainly recommend each association apply for the funding and free inspections asap.

From the perspective of a private condo owner, funds used from this program could eventually help lower association costs, possibly resulting in lower HOA fees over time.

To qualify, condominium communities must be located within 15 miles of the coastline and grants will match every $1 the association spends on wind mitigation improvements with $2 from the program. Community mitigation projects authorized by the program include those tied to opening protection (exterior doors, windows and skylights), roof-to-wall connection reinforcements, improving the strength of roof-deck attachments and secondary water resistance enhancements.

To learn more about the "My Safe Florida Condo" program, visit https://mysafeflcondo.com/ and to view updates on the "My Safe Florida Home" program, visit https://mysafeflhome.com/. Both programs are administered by the Florida Department of Financial Services, which can be reached at 866-513-6734.