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I recently received a letter in the mail from Homeowners Choice. What is this all about? Why I should accept your offer? Who is Homeowners Choice Property & Casualty Insurance Company? Why is a policy “assumed” or “taken out” from Citizens? Is there anything I need to do now? If I decide to accept your offer, what will be changing? When will I know my exact premium and receive my Homeowners Choice policy? Will mortgage companies accept the Homeowners Choice policy? Where should I send my premium payments? What types of payment options are available with Homeowners Choice?
I recently received a letter in the mail from Homeowners Choice. What is this all about?If you are not already a Homeowners Choice policyholder, this letter most likely means your current insurance policy has been chosen for removal from state- sponsored Citizens Property Insurance Corporation and placed with us, Homeowners Choice Property & Casualty Insurance Company, rated A (Exceptional) by Demotech. This is good news for you.top Why I should accept your offer?
Who is Homeowners Choice Property & Casualty Insurance Company?We are a Florida-based homeowners insurance company that provides property and casualty insurance solely to Florida property owners. Please refer to our "About Us" page to find out more about Homeowners Choice.top Why is a policy “assumed” or “taken out” from Citizens?The Florida Legislature created the “depopulation” or “take out” program to reduce the number of property owners insured through Citizens, which was originally designed to be the insurer of last resort. Under the program, private insurance companies, like Homeowners Choice, are encouraged to assume any of Citizens policies; provided they meet the financial and other standards imposed by the Florida Office of Insurance regulation. top Is there anything I need to do now?If you accept our offer, no action is necessary on your part. If after careful contemplation, you decide to stay with Citizens and reject our offer, please complete the “opt-out letter” and fax, or mail it to us by December 9, 2009. Click here for a copy of the letter.
What is Depopulation?The Florida Legislature created the state's depopulation program to reduce the number of property owners insured through Citizens Property Insurance Corporation, the state-sponsored insurer of last resort. Under the program, created by F.S. 627.351(6)(g)3.a, private insurance companies are encouraged to remove any policies currently covered by Citizens. In this way, Citizens can transfer policies back to the private insurance market. Reducing Citizens’ exposure benefits all Floridians because it improves the state’s insurance market, reduces the state’s potential exposure to catastrophic loss covered by Citizens, lowers assessments charged to all property insurance consumers, and creates business opportunities for other companies in Florida. Approximately one million policyholders have been returned to the private insurance market. Citizens’ exposure has been reduced by over $200 billion. The portion of losses absorbed by the private market following the recent hurricanes would otherwise have been taken on by Citizens. This would have greatly affected the impact of assessments on Florida consumers.top If I decide to accept your offer, what will be changing?Your Citizens policy will remain in effect until expiration. Your current agent who services your Citizens policy will continue to service your policy with Citizens until the renewal date, and thereafter with Homeowners Choice. Should you require any changes in coverage or terms, please call your agent. Any losses that occur prior to the "take out” date will be covered by Citizens. The only things changing because of the take out are:
When will I receive my renewal from Homeowners Choice?Policy holders removed from Citizens will receive their Homeowners Choice renewal offer approximately 45 days before their normal renewal date. Both you and your homeowners’ insurance agent will have a chance to review the coverage and rates before you accept the new policy. top Will mortgage companies accept the Homeowners Choice policy?Homeowners Choice has a Demotech Financial Stability Rating of A (Exceptional). Demotech’s A rating is accepted by most if not all mortgage companies. top Should I call Citizens or Homeowners Choice if I have a loss since the policy is still with Citizens until the renewal date?
Where should I send my premium payments?Your current policy premium has already been paid unless you are paying Citizens in installments. If you are currently paying under the installment plan, continue to pay Citizens. Before your policy reaches the end of its policy term with Citizens, you will receive a renewal offer and billing from Homeowners Choice providing payment instructions and options. If your insurance premium is paid as a part of your mortgage payment, your lender will receive the same premium notice, and there will be no disruption to that process.top What types of payment options are available with Homeowners Choice?We offer the same payment plans as Citizens to assist you with budgeting your premiums. Payments may be paid annually, semi-annually or quarterly.top Whom should I contact with questions if I do not have an agent and I am dealing directly with Citizens?
Until your policy renews, you should deal directly with Citizens. When your policy renews we will provide further instructions.top
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