Monroe’s Commissioners heard a property insurance update of FIRM’s accomplishments over the last year and a forecast for upcoming windstorm insurance.
Montagne outlines FIRM’s accomplishments over its 20 years, saving residents of Monroe County over $760M in windstorm insurance premiums.
- When FIRM was formed in 2006, the efforts of our founders rolled back a 20% increase in 2006 rates and derailed a proposed 32% increase for late 2006.
- The 10% rate cap is a result of FIRM’s efforts and was held in place until 2021. With the 1% increase each year since 2021, the cap is STILL lower than the proposed 20% back in 2006.
- FIRM was instrumental in raising the wind policy limits from $700,000 to $1,000,000. FIRM continues to work to increase that coverage limit as the cost of construction in the Keys easily exceeds $1M.
- The windstorm rate freeze from 2017-2021 in Monroe County accounted for approximately $15M in rate savings. That freeze was a result of FIRM’s comments made at Citizens 2017 rate hearing before then-Insurance Commissioner David Altmaier.
- FIRM’s work brought about beneficial changes in wind rate setting methodology, including building codes in hurricane models, changes related to use and file, claims process, premium payment options, Builders Risk coverage and availability of wind coverage for existing Coastal Barriers Resource Area homes.
- FIRM’s work removed the flood insurance requirement for condominium unit owners, removed the matching contents coverage for homeowners  and kept non-primary homes used as long-term rentals under the glide path, increasing affordable housing for Monroe County’s workforce.
Looking forward, FIRM continues to advocate for legislative priorities such as increasing the coverage limit, removing the flood insurance requirements for properties not at risk for flood, primary vs non-primary language clarification for glidepath determination and a carve-out for Monroe County Habitat for Humanity windstorm policies.
Monroe County and its municipalities rely on FIRM to collaborate with them on windstorm insurance priorities so that our message is consistent, and they support FIRM in their budgets each year.Â