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Take-Out Companies

Consumers/Citizens Policyholders/Agents

To assume policies from Citizens, private-market insurance companies must submit documentation to the Office to verify that they meet Office standards and have the financial resources and business plan in place to properly pay claims. If approved, the Office will issue a consent order indicating the number of policies eligible for removal, assumption date and any additional stipulations.

Once a take-out company selects a policy for removal, it first must notify the policyholder's agent. Agents are not required to contact the policyholder regarding the offer and are not permitted to opt out of an assumption on the policyholder’s behalf.

If the agent declines to work with a particular take-out company, the policyholder will not be assumed by that company. Citizens will send the policyholder an Agent Decline Letter to inform them about the take-out offer.

If the agent agrees to the assumption, the policyholder will receive an offer and Opt-Out Form from the take-out company at least 30-days before the assumption date. Citizens will send a follow-up letter that explains the benefits of private-market coverage and reminds them that they have the choice to accept the offer or stay with Citizens.

Policyholders selected for a take-out do not need to take any additional action to be assumed by the take-out company. If no opt-out action is taken, the policyholder and their mortgage company will receive a Notice of Assumption and Nonrenewal and Certificate of Assumption verifying that their policy has been assumed by the take-out company and that the take-out company will make a renewal offer before their current policy expires.

Policyholders who wish to remain with Citizens must take action to opt out of the assumption by returning the Opt-Out form provided with their take-out offer to the extending take-out company. Policyholders have 30 days prior to and following an assumption to complete the opt-out process. When the take-out company receives the opt-out form, it will send the form to Citizens, which will mail the policyholder an Opt Out Confirmation Letter.

For more information about the take-out process, including opt-out forms, and take-out company contact information, visit the Depopulation page on the Citizens website at www.citizensfla.com. You also can contact the Citizens Customer Care Center at (888) 685-1555.