If you?re one of the thousands of South Florida Homeowners insured by the state-run Citizens? Insurance Program, you may have gotten a letter from them recently. or from another Insurance Company that you?ve probably never heard of.
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It?s all part of a recent effort by Gov. Ric Scott and the Florida Legislature to ?shrink? Citizens? Insurance, and move policy holders in private companies.
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But if you just threw the letters out, you will automatically be ?depopulated? into another company you may nothing about, even though you haven?t approved it.
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It?s called a ?Negative Option? plan and is intentionally aimed at getting as many policyholders as possible off Citizens? Coverage, according to a member of the groups? Board of Directors.
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84,000 Policies have already been ?Taken Out? and it?s believed as many as 210,000 more, mainly based in High Risk Coastal Areas of South Florida, have also been earmarked.
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The goal is reduce Citizens? Exposure and allow Private Companies to take over more ?risk? in the event of a bad Storm.
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But critics argue the way the program is being done does not give homeowners enough information about the new companies that want to take over their policies, or their ability to pay claims in the event of any major storm losses.
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Making the problem even worse?
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There?s a 30 day countdown that expires on Nov. 6th for this recent group of Homeowners ?selected? for depopulation.
In simple language that means if you do nothing and fail to send back the proper ?Opt Out Forms? to just ?Say No?,? you will automatically be removed from Citizen?s Insurance and its? ?Homeowners? Insurance Coverage will be taken over by a new company.
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Citizens? Insurance?s Main Web Page has little information on the plan, so many Homeowners may be frustrated getting more information on ?Just Saying No?, but CBSMiami has found more information for you to decide for yourself if you want to accept the new coverage, or want to opt out and stay with your current Citizens? Policy.
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Still, some customers like Doral?s Waldo Faura say its? new plan is optional, customers can just say no?and he charges Citizens isn?t telling its? customers all the details. Faura adds ?Absolutly not..I think Citizens has been on the path to push insurance policies for the insurance companies? at the expense of the insured and this is another means, another way of doing it.
If you get your letter that a private company wants to take over your Citzens? coverage, you may want to check out its?website for more information.
But when you go to the main web page, there?s virtually no information on its?? depopulation plan.
Dig a little deeper .and you can finally find all the details.
We crunched the numbers for you and found the plan targets some 200-hundred thousand policies thru an automatic negative option aimed at increasing private insurance coverage.
To decline the offer, you have to file a formal opt-out form within 30 days. Citizens has a special hotline set-up to? handle questions at 888-685-1555.
Remember, if you got one of these letters from the state?s citizen?s insurance program, you must formally notify them by November 6th if you want to stay in the program and not be ?taken over? by another company.
You can also get more information from your local insurance agent.
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For More details on the latest ?Insurance Depopulation Plan? and how it may effect your insurance coverage:
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https://www.citizensfla.com/about/depopinfo.cfm
Source: http://miami.cbslocal.com/2012/10/14/state-improperly-dumping-insurance-policies/
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