Key West and Monroe county to have own wind rates

Key West and Monroe county to have own wind rates
from the 4/22 Key West Citizen



Citizen Staff The governor and Cabinet on Friday approved a pilot project for windstorm insurance that will treat the Florida Keys differently than the rest of the state. Insurance Commissioner Kevin McCarty said Citizens Property Insurance Corp. no longer will base Monroe County's rates on what the top 20 insurance companies charge. By law, Citizens had to charge more so it didn't compete with private companies. Citizens has no competition in the Keys. Although two companies provide policies, it is only when Citizens transfers them out. Citizens will base its rates on actuarial studies instead. McCarty told the governor and Cabinet that he rejected Citizens' first actuarial rates and next week will ask the corporation to submit new rates within 30 days. "The rates will stay where they are until the filing," McCarty said.