FIRM 2025 ANNUAL REPORT AND FINANCIALS

2025 OVERVIEW

Citing what they believe to be successful legislative insurance reforms enacted in 2022, the Florida Legislature, the Office of Insurance Regulation and Citizens Property Insurance Corporation have been in a “wait and see” holding pattern when it comes to further property insurance reform. While there has been some positive movement, those 2022 reforms mostly benefited insurers while providing little relief to policyholders. In 2025, FIRM continued to put Monroe County policyholders first!

Since 2006, FIRM has saved Monroe County windstorm and flood insurance policy holders more than $760 million in Citizens windstorm insurance premiums. Major achievements in 2025 included:

• Collaborated 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.
• Shifted support from the Monroe County FEMA Flood Mitigation Assistance (FMA) Grant Program to the new Elevate Florida! Program administered by the Florida Department of Emergency Management.
• 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 that information on FIRM’s website. https://firmkeys.org/keyswide-home-elevation-education-project/
• Served on the City of Key West Adaptation Plan Housing and Shelter Working Group and the Key Largo Chamber of Commerce Legislative Committee.
• Served on the Community Rating System (CRS) Program for Public Information (PPI) committee. Monroe County is rated Class 3 in the CRS program, earning residents a 35% discount on NFIP policies. Key West, Layton and Islamorada are Class 5 communities with a 25% discount; Marathon is a Class 6 community with a 20% discount; and Key Colony Beach is a Class 7 community with a 15% discount. The County has saved $24 million that will continue to 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 which is currently moving through the courts. FIRM also participated in the creation of CSFI’s White Paper: Policy Options for a Natural Catastrophe Insurance Program introduced in early 2026.
• 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 current legislative and policy changes as well as to expand the mitigation resource page. A Spanish language version of the Guide was created in 2024.
• Collaborated 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. This project is on-going.
• Continued to add content to FIRM’s 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 Board of Governors Meetings
  • The Southern Group 25^th Anniversary Panel
• Windstorm Mitigation Discounts Rule Making Workshop – submitted the proposed Monroe County specific mitigation form and accompanying white paper to the Windstorm Mitigation Discounts Rule Making Workshop.
  • Monroe County Delegation meeting
  • Florida Realtors District 4 Conference
  • Florida Commission on Hurricane Loss Projection Methodology (FCHLPM)
  • Great American Realtor® Days in Tallahassee

FIRM Officers and/or representatives met with

• Florida State Senator Ana Maria Rodriguez
  • Florida State Representative Jim Mooney
  • Florida State Representative Hillary Cassel
  • Insurance Commissioner Michael Yaworsky
  • Florida’s Insurance Consumer Advocate Tasha Carter
  • Citizens CEO Tim Cerio & staff
  • Citizens Governor Robert Spottswood

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 thirty-five 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.
  • Publicizing the issues surrounding reauthorization of the NFIP.
  • Working with floodplain managers and others on the PPI Committee to clarify how CRS credits are being applied incorrectly.

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.

FIRM held its fourth Little Palm Island Fundraiser for a one-night stay at the luxury resort and continued its Hurricanes are a Drag and Giving Tuesday/Year End Fund drives. Total raised for these events was $16,850, used to fund operations and reserves.

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

• Government
  • Islamorada Village of Islands, current Councilmember
  • Community Emergency Response Team (CERT)
  • Monroe County CRS Program for Public Information Committee
  • Monroe County Comprehensive Land Plan Advisory Committee
  • Monroe County Historic Preservation Commission Board of Directors
  • Executive Director, City of Key West Citizen Review Board

• Civic/Professional
  • American Economics Association
  • Association of State Floodplain Mangers
  • College of the Florida Keys Associate Professor
  • College of the Florida Keys Curriculum Committee
  • Florida Floodplain Managers Association
  • Florida Keys Board of Realtors
  • Hometown! Key West
  • Islamorada Chamber of Commerce
  • Key Largo Chamber of Commerce Board of Directors
  • Key Largo Chamber of Commerce Government Relations Committee
  • 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 Council
  • Key West Sunrise Rotary
  • Key West Sunrise Rotary Foundation – Treasurer
  • Marathon Chamber of Commerce
  • Marathon and Lower Keys Association of Realtors
  • Monroe County Democrats
  • National Association of Environmental Professionals
  • Rotary Club of Key West
  • Rotary Club of the Upper Keys
  • United Faculty of Florida
  • Columnist for Key West Citizen and Key West Island News

• Non-Profit
  • Habitat for Humanity of Key West and the Lower Keys Board of Directors
  • Take Stock in Children
  • Last Stand
  • Good Health Clinic
  • Leadership Monroe County Current and Alumni
  • WestCare/Guidance Care Center – Community Action Council
  • Key West Community Land Trust Board of Directors
  • Key West Tropical Forest and Botanical Garden
  • Key West Woman’s Club
  • Lower Keys Woman’s Club
  • Scouts, BSA Troop 573 Committee Treasurer
  • Sister Season Fund
  • Equality Florida
  • Key West Aids Memorial Board of Directors
  • LGBTQ+Victory Fund, Campaign Board
  • Island Community Church
  • Peace Covenant Presbyterian Church

FIRM Plans for 2026

• Celebrate FIRM’s 20^th anniversary with a fundraiser in June 2026.
  • 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 clarify primary/non-primary residence language to allow non-primary homes that provide long-term rentals for our workforce to remain under the glide path.
  • Co-Host the Citizens Board of Governors quarterly meeting.
  • Work with the Office of Insurance Regulation to develop a Monroe County specific hurricane model run.
  • Collaborate with Florida International University to incorporate Monroe County’s building codes into Florida Public Hurricane Model.
  • Incorporate Monroe County specific modifications to the OR-B1-1802 (Uniform Mitigation Verification Inspection form).
  • Develop a white paper defining the construction and life expectancy of a concrete roof with the intent that Citizens will revise its inaccurate guidelines for concrete roof replacement and remaining useful life.
  • Advocate for Citizens Property Insurance Corp. policyholders who are being non-renewed for roof issues.
  • Compare premium and loss data from Citizens to obtain a credit for Habitat for Humanity homes in Monroe County.
  • Attract other insurance companies to write windstorm policies in Monroe County by sharing data about building codes and structure soundness.
  • 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.
  • Work with state lawmakers Sen. Ana Maria Rodriguez and Rep. Jim Mooney as they represent Monroe County on issues related to property insurance.
  • Build relationships with Florida lawmakers and policymakers outside of Monroe County to help them understand our challenges.
  • 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.
  • 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.
  • Celebrating FIRM’s 20^th Anniversary in 2026 by raising 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.
  • Removed condominiums from Citizens’ flood insurance requirement.
  • 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 on behalf of 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 Commissioners.

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 $900 million in premiums over claims paid. FIRM’s work keeps $60 million per year in the Keys economy.

2025 Financial Report

In 2025, FIRM received significant funding support from the following:

Local Governments:

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

Non-Profits:

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

Associations:

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

Businesses:

• Centennial Bank
• First Horizon Bank
• First State Bank
• Little Palm Island
• Royal Furniture
• Saltwater Real Estate – Bobby Coe
• Tropical Soup

Individual members:

• Chris Massicotte

Fundraisers:

• 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, 2025

OFFICERS:

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

DIRECTORS:

Byron Agababian

Bobby Coe

Linda Cunningham

Bryan Hawks

Mary Houston

Chris Massicotte

Nicole McCoy

Tom Pakenas

Anna Richards

Chris Rivett

Michael Wedincamp

STAFF

Caroline Horn, Manager

HOW TO REACH US:

Physical address: 201 Front St., Ste. 340, Key West, FL 33040

Mailing address: 1200 Fourth St., Key West, FL 33040

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

IT Services

KCS Technical Solutions, Marathon, Florida

WEBSITE

Key West Watch Media, Key West

FLOODMAP CONSULTING ENGINEERS

Ransom Consulting

Woods Hole Group

ACCOUNTING SERVICES

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

LOBBYING

The Southern Group, Tallahassee, Florida