Citizens set to Further Simplify Depopulation Process
syyskuuta 27, 2016 - Maitland
Citizens Property Insurance Corporation’s Board of Governors is set to approve a series of changes to Citizens’ depopulation program that will simplify the process and further improve customer involvement in the highly successful program.
Under a slate of changes scheduled to go into effect in January 2017, Citizens will coordinate administration of the depopulation process to ensure that policyholders are well-informed throughout every step of the process as they determine whether to accept private-market offers of insurance for one of their most valuable assets.
To make sure that policyholders remain informed, Citizens will assume responsibility for all communications during the depopulation process. The new customer friendly form will present policyholders with all available coverage options, coverage comparisons and the estimated renewal costs.
The new Policyholder Choice Form also will explain the assumption process and provide information about all insurers interested in assuming the policy. Policyholders who receive multiple offers will have the option to choose their preferred insurance company rather than having the selection made for them.
“These proposed changes will enhance policyholders’ experience by providing the information they need to make the best decision for themselves and their families,” said Steve Bitar, Chief of Underwriting and Agency Services. “I’m delighted to be able to offer these improvements to our existing and future customers.”
Depopulation efforts over the past few years have contributed to a significant decrease in Citizens policy count by offering Citizens policyholders private market alternatives at comparable rates. Since January 1, 2014, 736,816 policyholders have taken advantage of offers made by financially secure private-market insurance companies that have been vetted by the Office of Insurance Regulation.
Additional changes scheduled will streamline the process for participating companies while making it is easier for insurance agents to assist their customers.
“This will not only improve our customers’ experience, it also gives agents the tools they need to better serve their customers,” said Adam Marmelstein, Citizens Director of Market Services.
In 2002, the Florida Legislature created Citizens Property Insurance Corporation (Citizens), a
not-for-profit alternative insurer, whose public purpose is to provide insurance to, and serve the needs of, property owners who cannot find coverage in the private insurance market.