Statutorily created Citizens Property Insurance Corp., known as Florida’s insurer of last resort, is mandated to implement programs to help return Citizens’ policies to the private market place. Referred to as depopulation, these programs operating under Florida Statutes Section 627.351(6) are designed to work with private insurance companies to offer coverage to Citizens’ policyholders.
Once a policy is entered into the program and selected by a private carrier, the policyholder will receive a letter providing them with the choice of remaining insured with Citizens or opting to go with the new private carrier. If a policyholder decides to remain insured with Citizens, the policyholder must sign an opt-out document or the policy will be automatically transferred to the new private carrier.
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