You are cordially invited to attend our flood insurance discussion. I know that you are all engaged in this issue due to its great importance to us here in the Florida Keys. We are seeing negative economic impacts and delayed and canceled transactions. Just as importantly, we all know that many people here are already struggling with high insurance rates and the new flood insurance rate increases will be more than many people can handle.
We all know that Florida has contributed about $ 12 billion more in premiums than we have received in claims. We need a moratorium on these rate increases until a more fair and balanced solution can be offered. In addition, mitigation funds must be a part of the equation so that the houses most at risk can be raised and not continue to be flooded. Indeed, mitigation will have the additional positive effect of hardening our community against continuing sea level rise. We need the time and resources to meet these challenges. High premiums will not solve the problem but they will hurt many people and our economy as well.
Key West Association of Realtors