FIRM estimates homeowners throughout Monroe County could see flood insurance rate increases ranging from $100 to $9,000 annually—with an average increase of $3,200–under FEMA’s Risk Rating 2.0.  Without federal intervention, next April all policies will be governed by this new rating program.

FIRM’s rate analysis is thousands of dollars higher than FEMA’s projected increases and contradicts them sharply. FEMA has said rates should increase about $240 annually for almost 93 percent of Monroe County policy holders.

City of Key West Floodplain Manager Scott Fraser has developed an on-line submission link that insurance agents can use to rate a property and capture the impacts Risk Rating 2.0. This page on the City’s of Key West’s Floodplain Management website shows what the results dashboard looks like showing the data from the properties included in FIRM’s initial analysis.

Senators and Representatives from Texas, Louisiana, New Jersey, and Florida have urged FEMA to delay implementation of the rating methodology in part because of its lack of transparency.  We believe that by sharing our data with these Members of Congress that they will continue to push even harder for the delay. We want to build the database, which can include properties from other parts of the country, to illustrate the widespread effects the rating methodology will have on coastal communities.

We are reaching out to ask if you would help us by allowing your home to be rated.  No personal information is shared and you can see on the results dashboard that the address of properties is not shown.

If you are willing to allow your home to be part of the analysis, please have your insurance agent contact the FIRM office for a link and instructions for the confidential submission.

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