ORLANDO -- Hundreds of thousands of homeowners who have Citizens Insurance are waiting to find out if they’ll have to switch their coverage to a private company.
 

According to Citizens and The Florida Office of Insurance Regulation (OIR), Commissioner Michael Yaworksy recently approved the following 9 companies to take over more than 400,000 Citizens’ policies: Manatee Insurance Exchange: 78,000 Slide: 75,000 American Integrity: 65,880 Southern Oak: 50,000 Orion180 Select: 26,128 Florida Peninsula: 35,000 Monarch National: 30,000 Homeowners Choice: 25,000 TypTap: 25,000

This process of moving Citizens' home insurance policyholders to private companies is called depopulation.

Here's how it works: Citizens will let you know that a private company wants to take over your policy. If that private company's premium is within 20% of your Citizens premium, you would no longer be eligible for Citizens.

You don't necessarily have to go with that private company, but you'd no longer be able to get coverage through Citizens.

All the private companies that take over Citizens’ policies must be financially fit and approved by OIR.

Michael Peltier, a spokesperson for Citizens, told WESH 2 News eligible policyholders could start finding out if they're impacted later this month around August 28th.

“The take-out company immediately assumes the risk of the Citizens' policy. The premium and coverage details stay the same until the existing Citizens policy expires,” Peltier said.

The companies were approved to take over, or assume, Citizens’ policies in late October.

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