2023 ANNUAL REPORT AND FINANCIALS

While the property insurance crisis in Florida continues to trouble policyholders throughout the
state, in 2023 FIRM took steps on behalf of the residents of Monroe County to strengthen
important relationships, collaborate on meaningful legislation, and develop an upgraded
website that offers greater access to information.

Since 2006, FIRM has saved Monroe County windstorm and flood insurance policy holders more
than $900 million in insurance premiums.

Our Significant Achievements in 2023

• Worked with The Southern Group, FIRM’s contracted lobbyists to remove the flood
  insurance requirement for Citizens condominium policies.
• Advocated, promoted and pushed for a Monroe County representative on the Citizens Board
  of Governors. Key West attorney and developer Robert Spottswood Sr. was named to the
  Board in December.
• Supported the Monroe County FEMA Flood Mitigation Assistance (FMA) Grant Program
  serving as a resource to direct participants to contractors who have agreed to assist with the
  project estimation and completion.
• Continued the partnership begun in 2020 with the City of Key West, Monroe County and the
  Monroe County Extension Services for a Keyswide Home Elevation Education Project
  (KHEEP). The project demystified the steps of home elevation and put all of that information
  on FIRM’s website. https://firmkeys.org/keyswide-home-elevation-education-project/
• FIRM Board members serve on the Community Rating System (CRS) Program for Public
  Information (PPI) committee. As of April 1, 2022, Monroe County is rated Class 3 in the CRS
  program, earning residents a 35% discount on NFIP policies. Key West is a Class 5
  community with a 25% discount; Islamorada, Layton and Marathon are Class 6 communities
  with a 20% discount; and Key Colony Beach is a Class 7 community with a 15% discount. To
  date, the County has saved approximately $16.5 million that will now increase by $7.5
  million annually if the County continues to maintain program and regulatory status.
• Provided support through the Coalition for Sustainable Flood Insurance (CSFI) to the
  Louisiana Attorney General’s lawsuit against FEMA over its Risk Rating 2.0 methodology.
  Florida is one of ten states to join the lawsuit.
• Continued relationships with all three Monroe County Realtor® associations to keep our
• Realtor® partners updated on windstorm and flood insurance issues.
• Updated the Monroe County Property Insurance Users Guide to reflect the changes in
  FEMA’s Risk Rating 2.0 and the statutory changes enacted by the Florida Legislature during
  the December 2022 special session. The Guide also includes links to the My Safe Florida
  Home Program and Monroe County’s FMA Grant Program.
• Hosted a delegation from Citizens Property Insurance on site visits and stakeholder
  meetings from the Upper Keys to Key West. The visit familiarized Citizens’ newly appointed
  CEO with the building characteristics and methods in Monroe County. FIRM’s board
  introduced him to local elected officials, staff and stakeholders to learn how Monroe
  County residents, who rely on Citizens as the only provider of wind insurance, are directly
  impacted by Citizens’ policies.
• Hosted Florida’s Insurance Consumer Advocate Tasha Carter on site visits and stakeholders
  meetings that focused on Monroe County’s affordable and workforce housing projects and
  challenges. The visit gave ICA Carter first-hand knowledge that helps her to champion
  Monroe County’s and FIRM’s causes before the executive and legislative branches.
• Worked with staff of the three Habitat for Humanity branches in Monroe County to connect
  with resources and personnel to create carve-outs and/or credits that will allow them to
  continue to provide safe and affordable housing for their residents.
• Collaborated and helped to draft with Sen. Ana Maria Rodriguez, Rep. Jim Mooney and the
  Monroe County legislative team to file two bills addressing Monroe County’s most pressing
  windstorm insurance concerns.
• Developed an all-new website that offers users a more comprehensive and streamlined
  experience. The new design seamlessly links related topics in a user-friendly format designed
  to help visitors easily find the information they need.

Other Windstorm Insurance Activities/Accomplishments

FIRM officers and/or its representatives attended virtually and in person and/or testified at:

• Florida Keys Day
• Citizens Rate Hearing in March
• Citizens Board of Governors Meetings in June, September, and December
• Monroe County Delegation meeting
• Florida Realtors District 4 Conference
• Florida Commission on Hurricane Loss Projection Methodology (FCHLPM)
• Great American Realtors Days in Tallahassee
• Florida Hurricane Catastrophe Fund Workshop

FIRM Officers and/or representatives met with

• Congressmen Carlos Gimenez, Jared Moskowitz, and Mario Diaz-Ballart
• Sen. Rick Scott’s staff
• FEMA representatives in Washington DC
• Florida State Rep. Robert Rommel
• Insurance Commissioner Michael Yaworsky

FIRM submitted documentation to Citizens Actuary Peggy Cheng, who also sits on the Florida
Commission on Hurricane Loss Projection Methodology (FCHLPM) suggesting the models be rerun
with actual storm data to assign a “confidence rating” based on the accuracy of their
projections.

FIRM continued efforts to develop and seek approval for revised windstorm insurance
mitigation forms that would correctly recognize Monroe County building codes and provide for
associated windstorm premium credits. The revised form has been submitted to Consumer
Advocate Tasha Carter, Citizens CEO Tim Cerio and Insurance Commissioner Michael Yaworsky.

Other Flood Insurance Activities/Accomplishments

FIRM’s efforts in support of the National Flood Insurance Program (NFIP) reauthorization and modification include:

• Membership in the Coalition for Sustainable Flood Insurance (CSFI), a national coalition of
• approximately 250 organizations across 35 states, focused on advocating for a stronger
• policy framework for the NFIP.
• Lobbying Members of Congress for Reauthorization of the National Flood Insurance Program
  with meaningful reforms including affordability, mitigation funding, program expansion,
  transparent rate structure, reduced program costs, and support for resilient communities.
• Aligning FIRM’s legislative position regarding NFIP reforms with those of Monroe County and
  the Florida Association of Counties to maximize legislative impact.
• Supporting and working with Monroe County staff on reauthorization of the NFIP.
• Attending National Association of Realtors Legislative Meetings in Washington DC.
• Publicizing the issues surrounding reauthorization of the NFIP.

Other Noteworthy Events/Activities

FIRM continued to provide speakers for a wide range of organizations and local governments
throughout the Keys by giving presentations virtually and in-person and increased outreach by
appearing on local radio programs and giving interviews to national media outlets such as NPR,
the New York Times, the Miami Herald and NBC.

FIRM participated in community events such as the Community Foundation of the Florida Keys
Unsung Hero program, Florida Realtors District 4 Conference in Key West, and Key West Association
of Realtors Affiliate Expo.

FIRM held its second Little Palm Island Fundraiser for a one-night stay at the luxury resort. FIRM
successfully moved Hurricanes Are a Drag and Giving Tuesday Fundraisers to on-line events.
Total raised for all three events was $29,267, used to fund operations and reserves.
FIRM moved funds from its RIPP Special Projects account to a money market account and
purchased a certificate of deposit to fund reserves.

FIRM board members and staff currently participate in the following government, civic, professional and non-profit organizations:

Government

• Community Emergency Response Team (CERT)
• Monroe County CRS Program for Public Information Committee
• Monroe County Land Use Authority Advisory Committee
• Executive Director, City of Key West Citizen Review Board

Civic/Professional

• American Society of News Editors
• Chartered Property/Casualty Underwriters (CPCU) Society
• Florida Keys Board of Realtors
• Florida Keys Contractors Association
• Hometown! Key West
• Islamorada Chamber of Commerce
• Key Largo Chamber of Commerce
• Key West Ambassador Academy Alumni
• Key West Association of Realtors
• Key West Business Guild
• Key West Chamber of Commerce
• Key West Navy League
• Key West Sunrise Rotary
• Marathon Chamber of Commerce
• Marathon and Lower Keys Association of Realtors
• Monroe County Democrats
• Rotary Club of Key West
• Stars and Stripes National Publisher’s Advisory Board
• Upper Keys Business Professional Women Organization Board of Directors

Non-Profit

• End Citizens United
• Equality Florida
• Key West Aids Memorial, Board of Directors
• Key West Tropical Forest and Botanical Garden
• Key West Woman’s Club
• Leadership Monroe County Alumni
• LGBTQ+Victory Fund, Campaign Board
• Peace Covenant Presbyterian Church
• Take Stock in Children

Firm Plans for 2024

• Increase the Citizens coverage limit for Monroe County, restore the 10% rate cap to
• Monroe County, remove the requirement for flood insurance for properties located in X
• Zones or elevated at least 1’-0” above base flood elevation, and remove the requirement
• that flood insurance match the windstorm insurance contents coverage.
• Build on our relationships with Florida’s Insurance Commissioner and staff, the CEO of
  Citizens Property Insurance Corp. and the Insurance Consumer Advocate’s office.
• Host Commissioner Yaworsky and staff from the Office of Insurance Regulation on a site
  visit to Monroe County.
• Continue to work with Members of Congress and organizations around the country to press
  for transparency, mitigation credits and affordability of FEMA’s Risk Rating 2.0.
• Inform the community of the new requirements for receiving CRS credits.
• Work with state lawmakers Sen. Ana Maria Rodriguez and Rep. Jim Mooney as they
  represent Monroe County issues related to property insurance.
• Build relationships with Florida lawmakers and policymakers outside of Monroe County to
  help them understand our challenges.
• Work with members of Congress on FIRM’s NFIP reauthorization priorities and FEMA’s Risk
  Rating 2.0.
• Work with the Office of Insurance Regulation to develop a Monroe County specific hurricane
  model run and to incorporate Monroe County specific modifications to the OR-B1-1802
  (Uniform Mitigation Verification Inspection form).
• Continue to participate with partners in the Keyswide Home Elevation Education Project to
  assist residents with FEMA grant funding and to increase contractor participation
• Be prepared to work with local governments to coordinate a response to FEMA’s comments
  on the flood map appeals submitted in 2021.
• Conduct a multi-pronged outreach program to help property owners understand the
  implications of FEMA’s flood maps once adopted.
• Increase FIRM membership.
• Cultivate, expand and diversify institutional and individual donor relationships.
• Continue to look for alternatives to Citizens Property Insurance.
• Continue to raise awareness of FIRM’s mission, efforts and accomplishments through
  enhanced public outreach efforts.

FIRM Mission, Organization, and Past Accomplishments

FIRM is a grassroots organization formed in 2006 composed of homeowners and residents in
Monroe County. FIRM‘s fight for fair, equitable and affordable property insurance rates for
homeowners, residents and business owners protects property values and contributes to
housing affordability. FIRM empowers Monroe County residents to make informed decisions
about property insurance coverage, the claims process, hurricane damage mitigation, and storm
preparedness.

FIRM is composed of two distinct non-profit organizations:

• FIRMKeys, a 501(c) (3) community service provider that conducts research and provides
  information, guidance, and assistance on property insurance topics to the Monroe County community. Donations to FIRMKeys may be deductible on personal Federal Income Tax
• returns.
• FIRM PAC, a 501(c) (4) political advocacy group that seeks to influence government and
  industry policy affecting property insurance rates in Monroe County. Donations to FIRM
  PAC are not tax deductible on personal income tax returns, but may be deductible as
  expenses on business tax returns.
  FIRM has previously:
• Lobbied local, state, and federal government lawmakers and regulators.
• Successfully challenged windstorm insurance rate increases, including a freeze on rates from
  2018-2021.
• Successfully worked to return second homes used as workforce housing rentals to Citizens
  glide path.
• Helped repeal worst aspects of Biggert-Waters flood insurance bill.
• Supported the Homeowners Flood Insurance Affordability Act (HFIAA), which repealed the
  most damaging aspects of Biggert-Waters.
• Supported the successful Key West building height referendum.
• Mobilized citizen campaigns.
• Advocated for homeowners to insurance policymakers, including the Florida Commission on
  Hurricane Loss Projection Methodology, the Florida Governor’s Office, Citizens Property
  Insurance Corporation, Florida Office of Insurance Regulation, Florida Division of Consumer
  Services, and the Insurance Consumer Advocate.
• Served on insurance policy panels including the National Association of Insurance
  Commissioner.

Without FIRM, it is likely that every policyholder in the Keys would be paying at least twice as
much every year for windstorm insurance alone. Since 2004 Monroe County has paid Citizens
over $850 million in premiums over claims paid. FIRM’s work keeps $60 million per year in
the Keys economy.

FIRM 2023 Financial Report

Governments:

• City of Key West
• Monroe County
• City of Marathon
• Village of Islamorada

Non-Profits:

• First Horizon Foundation
• Key West Women’s Club
• Sexton Family Foundation Trust

Associations:

• Florida REALTORS ® Political Action Committee (RPAC)
• Key West Chamber of Commerce
• Marathon and Lower Keys Association of Realtors®
• Key West Association of Realtors®
• Sugarloaf Shores Property Owners Assn.

Businesses:

• Berkshire Hathaway Home Services
• Coldwell Banker Schmitt – Brian Schmitt
• Coldwell Banker Schmitt – Lisa Ferringo Group
• Coldwell Banker Schmitt – Patti Nickless
• Duck Key Realty – Vacation Rentals of the Florida Keys
• Florida Keys Realty Group – Maggie Crowley
• Insurance Office of America – Mel Montagne
• Internet Realty of the Florida Keys
• Island Breeze Realty
• Island Welcome Real Estate
• Key Colony Beach Realty – Lisa Joseph
• Leeward Wealth Management
• Ocean Sotheby’s International Realty – Jo Ann Cook
• Reece & Associates Surveyors
• Royal Furniture
• Tropical Soup
• True Title Florida Keys

Individual members:

• Clements Family Charitable Trust
• Linda Grist Cunningham
• Mary Houston
• Chris Massicotte

Fundraisers:

Key West Association of Realtors Fishing Tournament

• Hurricanes are a Drag Fundraiser
• Marathon and Lower Keys Association Mini Golf Tournament
• Little Palm Island Fundraiser
• Giving Tuesday/Year End on-line fund drive

FIRM Board of Directors and Staff December 31, 2023

OFFICERS:
Mel Montagne, President Joe Walsh, Vice President Michele White, Treasurer Erica Poole,
Secretary

DIRECTORS:
Wayne Carter
John Paul Castro
Bobby Coe
Linda Cunningham
Bryan Hawks
Mary Houston
Chris Massicotte
Tom Pakenas Chris Rivett

STAFF
Caroline Horn, Manager

HOW TO REACH US:
713 Caroline St., Ste. C Key West, FL 33040

305-294-3476 info@FIRMKeys.org FIRMKeys.org

WEBSITE & IT Services
KCS Technical Solutions, Marathon, Florida Lynke Marketing, Marathon, Florida

FLOODMAP CONSULTING ENGINEERS
Ransom Consulting Woods Hole Group

ACCOUNTING SERVICES
Oropeza & Parks, Certified Public Accountants, Key West, Florida

LOBBYING
The Southern Group, Tallahassee, Florida

2023 Financials