Citizens Property Insurance Corp. virtual rate hearing is set for Monday, March 15 at 9 am.  FIRM will be asking Commissioner Altmaier to deny the increase for Monroe County:

  • Monroe County rates do not accurately reflect our risk.
  • Citizens is using only the 2 highest rated of the 4 approved hurricane models.
  • The models have not been run agains previous storms to determine accuracy.
  • The models do not fully take building codes into their analysis
  • Monroe County is paying for litigation costs that occur in other parts of the state.

Citizens is also recommending that the statutory 10% rate cap be removed on new policies. According to Citizens’ analysis, the current capped average premium in Monroe County would jump from $3,791 to $5,983—a difference of over 55%. The uncapped rate increase for or condo associations could be as high as 104.1%. If Commissioner Altmaier denies this request, Citizens will seek to uncap rates legislatively.

For Monroe County, Citizens is the insurer of last resort. Removing the rate cap would amplify inequity by further putting Monroe County in the position of subsidizing the policies for other counties who do have options in the private market. Property insurance is but one component that makes it unaffordable for people to live here. FIRM is seeking a fair rate for its residents that accurately reflects our risk, gives credit for our stringent building code, and recognizes that our options for private insurance are limited.

FIRM urges you to voice your concerns about the proposed rate increase and the proposed removal of the rate cap. We urge you to:

Register to attend the meeting virtually here:  https://www.floir.com/Sections/PandC/ProductReview/RateHearings.aspx

To submit public comments to the Office of Insurance Regulation until March 26, 2021, click on the link below. Add a sentence at the beginning stating your name and where you live and add your name to the end of the email. If the link doesn’t work, please email info@firmkeys.org for assistance.

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