Grassroots Keys insurance group still looking for properties to inspect

Sept. 13--The grassroots group Fair Insurance Rates in Monroe is close to completing its approximately $485,000 study of windstorm risks and insurance rates in the Keys in an effort to get them lowered.

The study is financed by state-run insurer of last resort Citizens Property Insurance Corp., which is in the process of halving its portfolio of 1.3 million policies statewide.

Mel Montagne, president of FIRM's board of directors, gave an update on the study efforts at Tuesday's Marathon City Council meeting at the Marathon Government Center. Montagne reported FIRM has completed about 80 percent of 704 property inspections needed to move onto the next phase.

"We're sorely lacking in volunteers in the Middle and Upper Keys," Montagne said. "I say we've got about 500 inspections done. FIRM isn't as well known in the Upper and Middle Keys. We're going to be pushing to get the area completed."

Hard numbers of completed inspections weren't available.

Inspectors hired by FIRM will examine walls, windows and roof coverings, gauging the likelihood homes can survive windstorm damage. The inspections are confidential between the homeowner or renter and the inspector. Montagne said the inspections are needed to complete a database that will run a catastrophe model.

An October deadline is set to complete the inspections.

Montagne said the next step after the data is collected is to have an analytics company analyze the data and make sense of it. From there, the findings will be given to a modeling company, which will put the data into report form. Montagne estimates these two phases will take roughly 130 days.

Should the report prove that Keys residents are overpaying for windstorm insurance, Citizens spokesman Michael Peltier said an interim insurance rate could be filed with the state, lowering rates for Keys residents.

As of July 31, Citizens had 23,539 policies in Monroe County, down from 24,632 a year ago. Statewide, Citizens covered 933,807 people as of July 31, down from 928,439 policies as of March 31.

"This study is the first of its kind in the state," Montagne said. "It's probably the most important study in the Keys because of the impact it'll have on everyone here in Monroe County."

Montagne added that certain information such as home construction specifics and different types of property are needed to complete the study, which may force FIRM to turn away some volunteers.

For more information and to participate in the FIRM study, visit www.firmkeys.org or call 294-3476. People can call or e-mail FIRM if they get a postcard asking them to participate.

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