Is There Hope For Hurricane Insurance Rates?
If you own property in the Florida Keys or are thinking about purchasing property here, you need to know about FIRM (Fair Insurance Rates in Monroe). Wind insurance rates here are skyrocketing, but one group is fighting that. This group of Monroe County folks have taken on the insurance companies and are challenging their rate increases for the Keys.
Rates here may go as high as 292% above last year if insurance companies have their way. They say it is because of rates reinsurance companies are charging them, but that may not be the whole truth. The Florida Insurance Commissioner has asked for an actuarial rate from Citizens Insurance (which is supposed to have the highest rates). The deadline for Citizens to have submitted its actuarial rate was June 30. No one knows what rates will finally be approved. Meanwhile, it's either pay up to the insurance companies, or else go without wind insurance while all of this gets sorted out.
Many people in the Keys have mortgages that require wind insurance. If they fail to pay these exorbitant rates, their mortgage company will pay them and foreclose on their property if not promptly reimbursed. If you think this is a rotten choice, you're right.
What can you do? Join FIRM and support the fight to have fair wind insurance rates for the Florida Keys. Contact your congress person and senator and tell them to support HR 4366, introduced by Florida Rep. Ginny Brown-Waite of the 5th District (R - FL). This legislation would provide for Federal catastrophic reinsurance to help underwrite insurance companies when a natural disaster strikes. (Some think the increasingly high cost of reinsurance is partially behind the increases consumers are seeing in their premiums.) More sponsors are needed in the House for this bill to have a chance at passage. Ask your congressional representative to sign on as a sponsor of this bill.
If you think you aren't directly affected, you're wrong. If you visit the Keys or are planning to visit, the cost of your visit will be directly affected by the insurance rates we pay. The cost of those increased rates will be passed on to you. So call your congress person and ask him or her to help us out here in the Keys. And consider joining or at least supporting FIRM in their efforts.
Rates here may go as high as 292% above last year if insurance companies have their way. They say it is because of rates reinsurance companies are charging them, but that may not be the whole truth. The Florida Insurance Commissioner has asked for an actuarial rate from Citizens Insurance (which is supposed to have the highest rates). The deadline for Citizens to have submitted its actuarial rate was June 30. No one knows what rates will finally be approved. Meanwhile, it's either pay up to the insurance companies, or else go without wind insurance while all of this gets sorted out.
Many people in the Keys have mortgages that require wind insurance. If they fail to pay these exorbitant rates, their mortgage company will pay them and foreclose on their property if not promptly reimbursed. If you think this is a rotten choice, you're right.
What can you do? Join FIRM and support the fight to have fair wind insurance rates for the Florida Keys. Contact your congress person and senator and tell them to support HR 4366, introduced by Florida Rep. Ginny Brown-Waite of the 5th District (R - FL). This legislation would provide for Federal catastrophic reinsurance to help underwrite insurance companies when a natural disaster strikes. (Some think the increasingly high cost of reinsurance is partially behind the increases consumers are seeing in their premiums.) More sponsors are needed in the House for this bill to have a chance at passage. Ask your congressional representative to sign on as a sponsor of this bill.
If you think you aren't directly affected, you're wrong. If you visit the Keys or are planning to visit, the cost of your visit will be directly affected by the insurance rates we pay. The cost of those increased rates will be passed on to you. So call your congress person and ask him or her to help us out here in the Keys. And consider joining or at least supporting FIRM in their efforts.
posted by Conchette at 6:56 PM
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