FIRM Files Formal Complaint with Office of Insurance Regulation
Key West, Florida – December 2, 2016 – Fair Insurance Rates in Monroe (FIRM) has formally requested that the Florida Office of Insurance Regulation (OIR) grant Monroe County windstorm insurance rate relief. FIRM has asked OIR to order Citizens Property Insurance Corp. to recalculate Monroe County rates, or suspend its proposed 2017 rate increases. FIRM has repeatedly asked that rates be frozen pending a review of the rate setting process by the Florida Commission on Hurricane Loss Projection Methodology. While FIRM awaits a response from OIR, the organization continues to explore all available legal and administrative options to obtain fair insurance rates for Monroe County.
In October, FIRM sent a request to Citizens’ CEO Barry Gilway requesting relief from the Citizens’ rate increases. While denying the request Gilway acknowledged, “that the economics, demographics and geography of Monroe County are unique in Florida.” FIRM asserts that Citizens’ rate setting process does not appropriately deal with the acknowledged uniqueness of the County and that the rates are excessive, unfairly discriminatory and not actuarially sound. FIRM also believes that the rates violate Florida statutes which require Citizens to provide affordable property insurance. Since 2010 Citizens’ Monroe County premiums have increased by 221%. Since 2004 Citizens’ premiums have consistently exceeded claims and drained an excess of over $685 Million from the local economy.
FIRM is a grassroots non-profit organization formed in 2006 to fight for fair property insurance rates for property owners and residents of the Florida Keys. Through advocacy and community outreach, FIRM contributes to housing affordability and helps residents remain and prosper in the community. Those wishing to donate to FIRM can do so at http://firmkeys.org.
Contact: Mel Montagne, FIRM Board of Directors President
422 Fleming St. #5
Key West FL 33040
305-294-3476
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