Fair Insurance Rates in Monroe Representatives Meet With Florida Cabinet Members, Florida Insurance Commissioner, Citizens Property Insurance CEO
Date Published: 05-08-2012
In the second such "field trip" style meeting held this year, the Florida Cabinet met in Marathon (one of the northern Florida Keys) today, May 8, 2012, to discuss water quality, emergency management and approve the 2012 Statewide Emergency Shelter Plan. To view the complete agenda, click here.
Following the meeting, Florida Governor Rick Scott, Chief Financial Officer Jeff Atwater, Insurance Commissioner Kevin McCarty, State Representative Ron Saunders and newly appointed Citizens Interim President and Chief Executive Officer Tom Grady met briefly with members of Fair Insurance Rates in Monroe ("FIRM") to discuss property insurance issues unique to Monroe County, which comprises the entirety of the Florida Keys.
FIRM representatives contend that Monroe County is different than other areas of the state in relation to property insurance. They urged the policymakers to consider Martin County's unique position when adopting insurance policies. Specially, FIRM members expressed concern with the high rates for builders risk policies. They also expressed concern about Citizens Property Insurance Corporation's ("Citizens") Mitigation Re-inspection Program. (Citizens' Board of Governors is expected to discuss the Re-inspection Program at its next scheduled meeting on June 7.)
Further, FIRM representatives recommended that loss modeling companies include in their predictive models the distinction between wind and storm surge damage, and building strength by territory.
Should you have any questions or comments, please contact Colodny, Fass, Talenfeld, Karlinsky & Abate.
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