Which eligibility requirement applies to Citizens regarding previous offers from authorized insurers?

In order to qualify for coverage through Citizens Property Insurance Corporation, applicants must demonstrate that they have sought or attempted to secure coverage from authorized insurers. One of the key eligibility requirements is that the individual must have received an offer for coverage from an authorized insurer that is at least 15% higher than the rate offered by Citizens. This stipulation ensures that Citizens serves as a last resort option for policyholders who are unable to find reasonably priced coverage in the private market.

The rationale behind this percentage requirement is to make certain that Citizens is appropriately positioned to provide insurance to those who genuinely need it, rather than serving as a default option for homeowners who could find better offers elsewhere. This policy helps to maintain a more stable insurance market by encouraging homeowners to first explore private insurance avenues before seeking coverage through Citizens.