Evolve Insurance Agency has learned that on May 6, 2021, the Florida Office of Insurance Regulation ("OFFICE") issued a Gulfstream Property and Casualty Insurance Company consent order, outlining a plan to cancel over 20,000 policies with as little as a 45-day notice. In this consent order, Gulfstream announced that as of June 20, 2021, it will no longer have risk on any policies outside the state of Florida. As of March 1, 2021, Gulfstream had approximately 56,000 policies in force covering risks in the state of Florida. Gulfstream also stated that without the authorization to cancel these policies with as little notice as possible, the Company's financial situation would deterioate to an unsustainable level by mid-2021.
Gulfstream Property and Casualty Insurance Company is a domestic property and casualty insurer authorized to transact business in the state of Florida. They offer homeowners, condo unit owners, dwelling fire (rental homes), and tenants (renters) insurance policies. Gulfstream provided documentation to the OFFICE which reflects that without approval of this plan, the company could not satisy the surplus requirements of Section 624.408, Florida Statutes.
Of these 20,000 plus policies Gulfstream intends to cancel, the breakdown is as follows:
- Approximately 16,500 policies are HO3 policies (Homeowners')
- Approximately 2,700 policies are DP1 or DP3 policies (Dwelling Fire - Rental Home)
- Approximately 900 policies are HO6 policies (Condo Unit Owners')
- Less than 50 policies are HO4 (Renters')
If you are currently insured with Gulfstream Property and Casualty Insurance Company, and your policy is one designated to be cancelled, you will soon receive a notice of cancellation by U.S. Mail. Gulfstream was ordered to provide at least 45 days’ notice of cancellation, so although you have time, it's important to act quickly.
If you have further questions regarding this, and how it may pertain to your policy, we suggest you contact Gulfstream Property and Casualty Insurance Company or your agent directly. Please refer to the numbers posted below to reach Gulfstream directly:
Gulfstream Insurance Company Customer Service: 866-874-7342
Current clients of Evolve Insurance: 941-244-2760 (Looking for a new quote? We'd love to help!) Click here and we'll start on your quote right away!
This is never good news for a Florida resident to hear right before the start of Hurricane Season. With the current homeowners insurance market in chaos, news like this is reaching our desk almost weekly - in fact we expect to publish another, similar announcement within the coming days. Fortunately, our agency is prepared and can offer you a quote to replace your current coverage issued by Gulfstream Property and Casualty Insurance Company. Our agency has relationships with multiple insurance carriers who are financially stable and ready to provide you with the peace of mind you need and deserve. To stay covered and protected, start by visiting us online at evolveins.com or call our office at 941-244-2760 and ask to speak with an agent today.
This information was obtained directly from the Florida Office of Insurance Regulation (FL OIR), OIR Order 280398-21-CO. https://floir.com
Photo by Andrea Piacquadio from Pexels