What is depopulation from Citizens?
Depopulation involves transitioning policyholders from Citizens Property Insurance Corporation to private insurance companies. This process aims to reduce the number of policies held by Citizens. The Office of Insurance Regulation (OIR) has approved companies to participate in depopulating policies from Citizens Property Insurance.
Overview of the depopulation process:
1. Identification of eligible policies
2. Offers from private insurers
3. Depopulation packet:
Citizens will send you a depopulation packet with available offers, estimated renewal premiums, and a coverage worksheet
4. Policyholder decision:
Commercial residential policies that receive an offer of coverage within 20% are no longer eligible to remain with Citizens. Property owners can complete the Policyholder Choice Selection online or by contacting their insurance agent
5. Assignment of the policy:
If no choice is made, Citizens will assign the policy to the company that offers the lowest premium
6. Confirmation:
Citizens will then send a confirmation letter indicating that a private market insurance company has assumed the policy
7. Transition:
The policy is formally transferred to the assigned private insurer
