UPDATE:  At a meeting with FIRM President Mel Montagne and Treasurer Joe Walsh on February 27, Senator Flores agreed to introduce legislation seeking to enact a 5-year freeze on further rate increases on Monroe County.  This 5-year pause was FIRM’s highest priority as the inconsistent results of the hurricane catastrophe models used by Citizens have led to unfair rate increases for Monroe County.

Montagne stated after the meeting, “We have a strong ally in Senator Flores.  We are very optimistic that with the Senator’s and Representative Raschein’s help we will finally be able to bring a pause to the increasing windstorm rates…”

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Members of FIRM’s Board of Directors will meet with Senator Flores on February 27 to ask for her help in suspending Citizens Insurance rate increases  for Monroe County for the next 5 years.  The suspension will allow time to resolve a variety of problems in the rate setting process that result in rates that are uniquely prejudiced against Monroe County windstorm policy holders.

In seeking relief from excessive windstorm insurance rates Senator Flores, as President Pro Tempore of the Senate and Chairperson of the Banking and Insurance Committee, is favorably situated to represent FIRM’s position to the other members of the Senate.  Additionally Sen. Flores’ relationship with longtime FIRM advocate, Rep. Holly Raschein, gives the citizens of Monroe a strong voice in Tallahassee.

“There is no justification for this year’s 8.9% increase for Monroe,” said FIRM President Mel Montagne.  In the meeting FIRM plans to highlight key points such as a 220%+ cumulative windstorm rate increase since 2010, the highest premiums in the State despite having the strongest building standards, and the nearly $700 M paid in premiums over claims.

 

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