COMMITMENT 2024 TAB. HUNDREDS OF THOUSANDS OF HOMEOWNERS WHO HAVE CITIZENS INSURANCE ARE WAITING TO FIND OUT IF THEY’LL HAVE TO SWITCH THEIR COVERAGE TO A PRIVATE COMPANY NOW. WESH 2 NEWS SHELDON DUTES WENT THROUGH THE APPROVAL DOCUMENTS AND EXPLAINS HOW POLICYHOLDERS COULD BE IMPACTED. AND THESE ARE THE PRIVATE INSURANCE COMPANIES THAT THE OFFICE OF INSURANCE REGULATION RECENTLY APPROVED TO TAKE OVER. MORE THAN 400,000 CITIZENS POLICIES. NOW, THIS PROCESS OF MOVING CITIZENS HOME INSURANCE POLICYHOLDERS TO THE PRIVATE COMPANIES IS CALLED DE-POPULATION. HERE’S HOW IT WORKS. CITIZENS WILL LET YOU KNOW THAT A PRIVATE COMPANY WANTS TO TAKE OVER YOUR POLICY. IF THAT PRIVATE COMPANY PREMIUM IS WITHIN 20% OF YOUR CITIZENS, PREMIUM, YOU WOULD NO LONGER BE ELIGIBLE FOR CITIZENS. NOW, YOU DON’T NECESSARILY HAVE TO GO WITH THAT PRIVATE COMPANY, BUT YOU’D NO LONGER BE ABLE TO GET COVERAGE THROUGH CITIZENS. NOW, ALL OF THESE COMPANIES THAT TAKE OVER CITIZENS POLICIES HAVE TO BE FINANCIALLY FIT AND APPROVED BY THE FLORIDA OFFICE OF INSURANCE REGULATION. AND THE COMPANIES THAT YOU SEE HERE COULD TAKE OVER POLICIES. IN LATE OCTOBER, I TALKED WITH CITIZENS THIS MORNING, AND A SPOKESPERSON TOLD ME THAT ELIGIBLE POLICY HOLDERS COULD START FINDING OUT IF THEY’RE IMPACTED LATER THIS MONTH, AROUND AUGUST 28TH, I POSTED THE NUMBER OF THE POLICIES EACH OF THESE COMPANIES WERE APPROVED TO TAKE OVER. IN MY WEB STORY ON WESH DOT COM. BACK TO YOU SHELDON. THANK YOU. A SPOKESPERSON FOR CITIZENS TOLD WESH 2. EVEN WHEN A PRIVATE COMPANY TAKES OVER A POLICY, THE EXISTING PREMIUM AND COVERAGE WI
9 homeowners insurance companies to take over 400,000 Citizens policies
Updated: 5:52 PM EDT Aug 5, 2024
Hundreds of thousands of homeowners who have Citizens Insurance are waiting to find out if they’ll have to switch their coverage to a private company. According to Citizens and The Florida Office of Insurance Regulation (OIR), Commissioner Michael Yaworksy recently approved the following 9 companies to take over more than 400,000 Citizens’ policies:Manatee Insurance Exchange: 78,000Slide: 75,000American Integrity: 65,880Southern Oak: 50,000Orion180 Select: 26,128Florida Peninsula: 35,000Monarch National: 30,000Homeowners Choice: 25,000TypTap: 25,000This process of moving Citizens home insurance policyholders to private companies is called depopulation.Here’s how it works: Citizens will let you know that a private company wants to take over your policy. If that private company’s premium is within 20% of your Citizens premium, you would no longer be eligible for Citizens. You don’t necessarily have to go with that private company, but you’d no longer be able to get coverage through Citizens.All the private companies that take over Citizens’ policies must be financially fit and approved by OIR. Michael Peltier, a spokesperson for Citizens, told WESH 2 News eligible policyholders could start finding out if they’re impacted later this month around August 28th. “The take-out company immediately assumes the risk of the Citizens’ policy. The premium and coverage details stay the same until the existing Citizens policy expires,” Peltier said. The companies were approved to takeover, or assume, Citizens’ policies in late October.
Hundreds of thousands of homeowners who have Citizens Insurance are waiting to find out if they’ll have to switch their coverage to a private company.
According to Citizens and The Florida Office of Insurance Regulation (OIR), Commissioner Michael Yaworksy recently approved the following 9 companies to take over more than 400,000 Citizens’ policies:
- Manatee Insurance Exchange: 78,000
- Slide: 75,000
- American Integrity: 65,880
- Southern Oak: 50,000
- Orion180 Select: 26,128
- Florida Peninsula: 35,000
- Monarch National: 30,000
- Homeowners Choice: 25,000
- TypTap: 25,000
This process of moving Citizens home insurance policyholders to private companies is called depopulation.
Here’s how it works: Citizens will let you know that a private company wants to take over your policy. If that private company’s premium is within 20% of your Citizens premium, you would no longer be eligible for Citizens.
You don’t necessarily have to go with that private company, but you’d no longer be able to get coverage through Citizens.
All the private companies that take over Citizens’ policies must be financially fit and approved by OIR.
Michael Peltier, a spokesperson for Citizens, told WESH 2 News eligible policyholders could start finding out if they’re impacted later this month around August 28th.
“The take-out company immediately assumes the risk of the Citizens’ policy. The premium and coverage details stay the same until the existing Citizens policy expires,” Peltier said.
The companies were approved to takeover, or assume, Citizens’ policies in late October.
