| Q. |
I received your letter in the mail recently.
Do I have to do anything? |
| A. |
Unless you decide to reject our offer, no action
is necessary on your part. |
| |
|
| Q. |
Will Homeowners Choice send me a new policy? |
| A. |
Not until your policy renews. Your Citizens policy
will remain in effect until expiration. |
| |
| Q. |
How then, is Homeowners Choice involved? |
| A. |
Homeowners Choice will become responsible for any covered
losses that occur on or after the "Takeout date".
Any losses that occur prior to that date will be covered
by Citizens Insurance. |
| |
| Q. |
Who do I call if I need to report a claim that occurs
on or after November 15, 2007? |
| A. |
For first notice of loss, please call 1-866-324-3138.
For questions about a claim or claim status, please call
1-877-879-9217. |
| |
| Q. |
What can you tell me about Homeowners Choice? |
| A. |
Please refer to our "About Us" page to find
out more about Homeowners Choice. |
| |
| Q. |
Will my current Agent still service my policy? |
| A. |
Yes. Should you require any changes in coverage or
terms, please call your agent. |
| |
| Q. |
I don't have an agent. I'm dealing directly
with Citizens. What do I do when I need to make changes?
|
| A. |
Until your policy renews, you should deal directly with
Citizens. When your policy renews we will provide further
instructions. |
| |
| Q. |
Will I be offered a renewal when my policy expires? |
| A. |
Yes. You will receive a renewal quote from us within
30-45 days of expiration of your Citizens policy. |
| |
| Q. |
How do your rates compare with Citizens? |
| A. |
Our rates are comparable to Citizens'. As Citizens has
recently submitted a rate filing with overall reductions,
your policy will renew either at or below your current
Citizens policy premium. |
| |
| Q. |
What is Depopulation? |
| A. |
The Florida Legislature created
the state's Depopulation program to reduce the number
of property owners who have insurance coverage through
Citizens Property Insurance Corporation, the insurer
of last resort. Under the program, created by F.S. 627.351(6)(g)3.a,
new or existing private insurance companies are encouraged
to take on policies currently covered by Citizens. In
this way, Citizens can transfer policies back to the
private insurance market. This benefits all Floridians
by preventing or reducing assessments charged to all
property insurance consumers.
Florida's insurance market is made healthier by Depopulation
as new or existing companies offer coverage for our
state's growing number of residents.
From 2003 to 2006, approximately 500,000 policyholders
have been returned to the private insurance market.
In addition, Citizens has reduced its exposure by over
$100 billion.
If one applies a fraction of the loss ratio experienced
during these years to this segment of business it is
apparent that billions of dollars in losses were absorbed
by the private market would have otherwise been incurred
by Citizens. This would have greatly affected the impact
of assessments on Florida consumers. |
| |
| Q. |
What is "assumption"? |
| A. |
Assumption is the term used to describe the process
in which a participating Depopulation insurance carrier
takes on or "assumes" policies currently covered
by Citizens. Any active Citizens policy may be selected
for assumption. |
| |
| Q. |
If I don't want my policy to be assumed, can
I stay with Citizens? |
| A. |
Yes. Reply per the instructions on the notice to not
be assumed. |
| |
| Q. |
Where should I send payments? |
| A. |
Once your policy reaches the end of its effective date
with Citizens, you will receive a renewal policy and billing
from us. Payment instructions will be provided to you
at that time. |
| |
| Q. |
What is Consumer Choice? |
| A. |
In Florida, like most states, property
insurance coverage must be obtained through a licensed
insurance agent. Any agent who is authorized to provide
insurance with a Florida-licensed insurance company
may also provide coverage through Citizens.
Under the "Consumer Choice" legislation (F.S.
627.3517), a private company wishing to participate
in the state's Depopulation program must contact the
agents responsible for placing individual policies into
Citizens. Any agent who is unwilling or unable to participate
in Depopulation along with the private carrier may elect
to maintain policies with Citizens. A Citizens policyholder
can elect to remain covered by Citizens even if his
or her agent consents to the insurance policy being
removed. |
| |
