Depopulation efforts have reduced Citizens’ statewide policies in force to historic lows–approximately 336,461 as of late February 2026, with continued declines. Many Citizens policyholders have received take-out notices, so let’s review what that means for you.
If you received a Policyholder Depopulation Form from Citizens, it means that your policy was selected to be assumed by a private-market carrier AND that the offer renders your policy ineligible to remain with Citizens. You may have multiple offers available to you and at least one offer has an estimated renewal premium that is not more than 20% greater than Citizens’ estimated renewal premium. You may confirm acceptance of any offer, but you may no longer elect to remain with Citizens.
You may have multiple offers, so how do you choose which insurer best suits your needs?
FLORIDA OFFICE OF INSURANCE REGULATION
Your first step is to visit the Florida Office of Insurance Regulation’s take-out companies page. This page is provided by OIR for the purpose of giving Citizens Property Insurance Corporation (Citizens) policyholders and their agents the opportunity to review the financial status and coverage details of companies recently approved by OIR to remove policyholders as part of the Depopulation Program.
These companies, called “take-out companies,” have all met or exceeded Florida’s statutory requirements to obtain a Certificate of Authority from OIR in order to sell property insurance in the state. This information is provided to assist policyholders in making a well-informed decision on whether to accept or deny a take-out offer.
INSURANCE RATING AGENCIES
Insurance company rating agencies evaluate insurers’ financial strength, stability, and ability to pay claims. These ratings help consumers assess risk.
- A.M. Best: Specialized exclusively in the insurance industry, providing the most comprehensive ratings.
- Standard & Poor’s (S&P): Evaluates financial strength and creditworthiness, with ratings ranging from AAA to R.
- Moody’s Investor Service: Focuses on an insurer’s ability to meet policyholder obligations.
- Demotech, Inc.: Focuses on regional and specialty insurers, often used for homeowners insurance in Florida.
Ratings are opinions on a company’s financial stability and its capability to pay claims. A++ (A.M. Best) and AAA (S&P/Fitch) are generally considered the highest, indicating superior financial stability.
NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS
The National Association of Insurance Commissioners (NAIC) provides a complaint index based on consumer complaints, which is different from financial strength ratings.
In addition to complaints, the NAIC consumer page features a glossary of terms, insurance advice and tools to help consumers make informed decisions.
CONSULT YOUR LOCAL INSURANCE AGENT
As always, your best source of information is your local insurance agent. Agents in Monroe County are knowledgeable about insurance topics specific to the Florida Keys that agents outside of Monroe County may not be familiar with.
By using the tools listed above and consulting with your trusted local agent, you can make the best decisions for your insurance needs.