Coverage and Premium Comparisons For November Takeout Policies
október 08, 2013 - IE #021-13
As a service to our policyholders, Citizens will provide policyholders who receive a November 5, 2013, takeout offer with an estimate of what their premium might be if they currently were insured by the takeout company. The estimate will be based on the policyholder’s current coverage amounts and the takeout company’s current approved rates on file with the Office of Insurance Regulation (OIR). This information is intended to help policyholders and their agents make informed decisions about whether to accept their private-market offer of coverage.
It is important to note that this information is only an estimate based on current coverage and rate information. Actual renewal rates may vary based on several factors, including, but not limited to, coverage changes, rate increases and inflation.
Policyholders and their agents can receive this information by contacting the Citizens Customer Care Center at 888.685.1555. On October 8, 2013, Citizens will mail postcards to policyholders whose policies have been selected for takeout to inform them of this service.
In addition to providing premium estimates, Citizens also has revised its policyholder encouragement letter, which is mailed to all policyholders shortly after they receive their initial takeout offer, to include information about where they can find coverage comparisons for each takeout company on the OIR website.