Understanding Citizens Depopulation in South Florida 
The depopulation committee of Florida’s Citizens Property Insurance Corporation (Citizens) unveiled a plan in September 2012, designed to transfer about a third of the state-run insurer’s 1.4 million policies to private insurance companies over the span of two years.
The depopulation program benefits Floridians by preventing or reducing assessments charged to all Florida property insurance consumers. It gives us an opportunity to be better prepared for natural catastrophic events such as hurricanes, to cover any excess liability not covered by the premiums Citizens collects.
According to Citizens official website, Florida law requires them to create programs to help return Citizens policies to the private market and reduce the risk of additional assessments for all Floridians. The Depopulation program accomplishes this goal by working with private-market insurance companies that would like to offer coverage to Citizens policyholders. The programs are subject to the approval of the Office of Insurance Regulation.
Policyholders whose policies are selected by these companies are sent a letter notifying them of the pending assumption and providing instructions on how they can elect (opt out) to remain with Citizens, if eligible and should they wish to do so. Policyholders who do not opt out within the opt out time-frame will receive a Notice of Assumption and Non Renewal and a Certificate of Assumption. They may have an additional time-frame from receipt of this notice to elect to remain with Citizens.
We encourage policyholders who receive private-market offers to consider them carefully and discuss the advantages of such coverage with their agents. Accepting an offer from a private insurer will decrease a Citizens policyholder’s potential assessment. For more details on the Citizens’ depopulation program, whether it be the take-out process, opt out forms, and frequently asked questions, visit the Depopulation page on the Citizens website at www.citizensfla.com. You can also contact the Citizens Customer Care Center at (888)-685-1555.
Florida is, perhaps the most vulnerable location for hurricanes; the state is an ideal target from two sides with the Atlantic Ocean on the East and the Gulf of Mexico on the West. The flat topography also makes Florida’s coastal area especially vulnerable to the destructive effects of storm surge and high winds. In spite of this, it also appears that most Floridians are not prepared for such potentially catastrophic events.
As an independent insurance agency in South Florida, we are able to work with multiple lines in both the personal and commercial insurance industries. At Pettineo Insurance Agency, we will work together so you can feel better prepared and be more effective in responding to major changes by carefully selecting a policy for your individual homeowners, wind and flood insurance needs.
To learn more about your insurance options and how to best protect you and your family go to www.pettineo.com.
Pettineo Insurance Agency Inc provides insurance in Fort Lauderdale, Lauderdale-By-The Sea, Pompano Beach, Oakland Park, Boca Raton, Hollywood, Coral Springs, Tamarac, Sunrise, Hollywood, and all of South Florida.
