Florida Homeowners: Navigating the Citizens to Slide Transition

Citizens Dropping You Like a Hot Potato? Slide's Got Your Back!

Alright, Florida homeowners, let's talk about something that might be causing a bit of a stir in your mailbox: the Citizens Depopulation Program. If you've received a notice that your Citizens policy is being transitioned to Slide Insurance, don't panic. We're here to break it down for you, plain and simple.

What's the Deal with Citizens Depopulation?

In a nutshell, Citizens is strategically downsizing its policy portfolio. It's akin to a party host tactfully encouraging some guests to migrate to another gathering – in this case, private insurers like Slide are the alternative venue. 

The Florida Legislature has empowered Citizens to implement this Depopulation Program with the aim of reducing the number of policies under Citizens' umbrella. This serves a dual purpose: it incentivizes more insurance companies to operate in Florida and fosters a healthier, more diversified insurance market within the state.

Why Should You Care?

If Citizens finds itself swamped with claims after a major event like a hurricane, and their funds run dry, they have the authority to levy assessments on their policyholders. In simpler terms, this translates to an additional charge tacked onto your existing premium – a financial hit you definitely want to avoid. 

The Florida Legislature and Citizens are proactively working to mitigate this risk by reducing the number of policies held by Citizens. By transferring policies to private insurers, they're aiming to create a more balanced and resilient insurance market in the state, decreasing the likelihood of assessments altogether.

Slide: The New Kid on the Block

So, you've been "depopulated" and find yourself with Slide. What's the next step? First and foremost, rest assured that Slide is a legitimate and established player in the Florida insurance market. 

They boast a Demotech Financial Stability Rating of "A" (Exceptional), which speaks volumes about their financial strength and ability to pay out claims. Moreover, their leadership team has extensive experience with Citizens' depopulation programs, having participated in over 30 of them.

What to Expect

• Your Coverage: You won't experience any immediate changes. Your existing Citizens coverage remains in effect until your renewal date. At that point, Slide will present you with a renewal offer, providing an opportunity to review your coverage and tailor it to your specific needs with the assistance of your agent. Slide offers a range of coverage options, allowing you to customize a policy that aligns with your requirements.
• Your Mortgage Company: Slide takes the initiative to inform your mortgage company about the transition and furnish them with all the necessary information. If your mortgage company is responsible for paying your insurance premium, Slide will seamlessly send them the invoice for payment.
• Your Premium: Continue making your premium payments to Citizens as usual until your policy's renewal date. Once you receive your renewal package from Slide, you can conveniently make payments online or through your agent.
• Claims: Any existing claims you have with Citizens will continue to be managed by their claims team. Slide will not be involved in handling claims filed with Citizens prior to the transition. However, for any new claims arising on or after the date Slide assumes your policy, you'll need to report them directly to Slide.

For a more in-depth review of Slide and its offers, read our complete Slide Insurance Review or take a look at our Slide vs Citizens Insurance comparison.

Should You Stay or Should You Go?

The choice isn't always cut and dry. If Slide's renewal premium is over 20% higher than what you'd pay with Citizens, you have a window to opt-out of the transition and remain with Citizens. However, it's crucial to understand that this might be a temporary reprieve. Citizens is actively working towards reducing its policy count, so you could find yourself facing another "depopulation" offer in the future.

On the other hand, if Slide's offer comes in under that 20% threshold, the decision is made for you. Your policy will automatically be transitioned to Slide, and you won't have the option to remain with Citizens.

It's worth noting that the reference text mentions an "Offer Form" and a "Citizens Offer Letter" that will provide specific details about your options and deadlines. Be sure to review these documents carefully to make an informed decision.

The Bottom Line

Change can be unsettling, especially when it comes to something as important as your home insurance. But the Citizens Depopulation Program is ultimately aimed at creating a healthier insurance market in Florida. If you've been transitioned to Slide, take a deep breath, review your new policy carefully, and don't hesitate to reach out to your agent with any questions.

Remember: We're here to help you navigate the Florida insurance landscape. Whether you're with Slide, Citizens, or another insurer, we can help you find the right coverage for your needs and budget. Contact us today for a free quote and consultation!

Frequently Asked Questions

1. What is the Citizens Depopulation Program?

The Citizens Depopulation Program is an initiative authorized by the Florida Legislature to reduce the number of policies held by Citizens Property Insurance Corporation. This encourages more private insurance companies to offer coverage in Florida, promoting a healthier and more competitive insurance market.

2. Why is the Citizens Depopulation Program necessary?

If Citizens doesn't have enough funds to pay out claims after a major event, they can impose assessments on their policyholders. This means an extra charge on top of your premium. The Depopulation Program aims to reduce Citizens' risk exposure and minimize the likelihood of such assessments.

3. My Citizens policy is being transitioned to Slide. What do I need to do?

Nothing for now. Your Citizens coverage will continue until your renewal date. Slide will then send you a renewal offer, and you can work with your agent to review and adjust your coverage if needed.

4. Can I choose to stay with Citizens?

It depends. If Slide's renewal offer is over 20% higher than your Citizens renewal, you can opt to stay with Citizens. However, if the offer is less than 20% higher, you'll be transitioned to Slide automatically.

5. How do I make payments on my policy after the transition?

Continue paying Citizens until your renewal date. Once you receive your renewal packet from Slide, you can make payments online or through your agent.

6. What if I have an open claim with Citizens?

Citizens will continue to handle any open claims. Slide will not be involved in claims filed with Citizens before the transition date.

7. How do I file a new claim after the transition?

For any loss or damage occurring on or after the date Slide assumes your policy, report your claim directly to Slide through their online portal or by calling their claims line.

8. Is Slide financially stable?

Yes, Slide has a Demotech Financial Stability Rating of "A" (Exceptional) and a substantial reinsurance program, indicating their financial strength and ability to handle claims.

9. Will my mortgage company be notified about the transition?

Yes, Slide will take care of notifying your mortgage company and providing them with all the necessary information.

10. Can I change my coverage after transitioning to Slide?

Yes, you can customize your coverage at your renewal time. Slide offers various coverage options to tailor a policy to your needs.