Fair Insurance Rates in Monroe (FIRM), will testify at the Citizens Property Insurance Corporation (Citizens) rate hearing before the Office of Insurance Regulation (OIR) on August 23, 2017, vigorously opposing any further increases in windstorm insurance rates by Citizens for Monroe County. This is the eighth consecutive year that FIRM appeared and testified against further rate increases. In past years, no consumer organizations other than FIRM testified.
The rate hearing will be held at 4:00 pm at Florida International University Biscayne Bay Campus and can be seen live on the Florida Channel website at www.thefloridachannel.org. FIRM encourages interested citizens to attend and show support, and we are currently working on a coordinated efforts to assist with that endeavor. For more information contact FIRM at 305-294-3476 or email [email protected]. FIRM will testify that Citizens has unfairly raised windstorm insurance rates for Monroe County so that they now are over 220% of the 2010 rates. This has resulted in Monroe County paying premiums totaling more than $700 million more in premiums than claims since 2004. FIRM will argue that the four State-approved windstorm rating models utilized by Citizens yield widely inconsistent results when applied to Monroe County. Equally troubling is the fact that despite a statutory mandate to provide affordable insurance, Citizens has consistently chosen the model that is least favorable to Monroe County.
FIRM is still awaiting the results of its legal proceedings against the Florida Office of Insurance Regulation (OIR) concerning the 2017 rate increases. FIRM alleges that OIR had wrongfully denied FIRM its lawful right to present its case before an Administrative Law Court. If FIRM is permitted to bring its case before an Administrative Law Court, FIRM will seek to show that the rate setting methodology utilized by Citizens and approved by OIR is flawed in many respects as it relates to Monroe County.