What is Depopulation, and why is it being done?

The Citizen's Depopulation Program has begun. Depopulation programs are initiatives designed to reduce the number of policies held by state-run insurance companies, like Citizens Property Insurance, by encouraging private insurance companies to assume policies. Selected policies where the private market offer is more than 20% of the Citizen's estimated offer the policy is eligible to stay with Citizens. 

If their offer is less than 20%, the policy is no longer eligible to remain with Citizen's after the next renewal period. 

What's in it for you? 

• Coverage Availability: While Citizens serves as a safety net for homeowners who have difficulty finding coverage in the private market, they may have limitations on coverage types and amounts. Private insurers may offer broader coverage options.
  
  
• Customization: You can tailor your insurance policy to your specific needs, whether you want extra protection for your belongings, coverage for special features in your home, or additional liability coverage.
  
  
• Additional Services: Private insurance companies often provide services like 24/7 customer support, online account management, and mobile apps for claims processing, making it more convenient for policyholders to manage their coverage.
  
  
• Faster Claims Processing: Private insurers typically have streamlined claims processing systems, allowing you to get the financial assistance you need quickly.

Some FAQs: 

• Will University Insurance Group still be my agent/agency? 
  Yes. UIG will still be your agent. 
  
  
• Can I choose another carrier aside from the suggested one? 
  Approximately 45 days before your next renewal, you will receive an offer from the assuming company to review, and UIG will proactively remarket your policy for any other options.
  
  
• Who do I need to contact if I need to file a claim? 
  The assuming carrier will handle any claims, but the policy remains with Citizens until your next renewal period. 
  
  
• What happens to the money I already paid to Citizens?
  Since your policy remains with Citizens until your next renewal, all payments until renewal are still payable to Citizens. 
  
  
• Do I need to notify my mortgage company? 
  Your mortgage company receives the exact documents you do. We encourage you to coordinate with them to make sure everything is clear on their part. UIG is available to assist if needed. 
  
  
• Do I still need to keep the Flood policy that Citizens required me to have?
  UIG does not recommend canceling that insurance just because it is no longer required. 

You may check these articles for further information on this process: 

What is Depopulation?	Depopulation Resources	Office of the Insurance Regulation

We are just a phone call away if you have questions or concerns.