Florida-based home insurance company now under state supervision

A florida-based home insurance company that dropped more than 20 thousand policyholders is under state scrutiny new at four o'clock wptv newschannel 5's michelle quesada tells us what it means for the company to be under supervision the state office of insurance regulation.

Has put gulfstream property and casualty insurance under supervision the regulator says for failure to maintain the minimum amount of funds needed to pay out policyholder claims but what does this mean for homeowners who still have their insurance with gulfstream it was just over a month ago that.

Thousands of gulf stream property and casualty insurance customers received notices in the mail that their homeowners insurance policies were being dropped dan hauser in stuart was one of those homeowners i'm actually really happy that they dropped me.

Because if they hadn't i would be with an insurance company that couldn't even afford to pay a claim out if something were to happen that's dan's reaction after learning gulfstream is now under supervision by the florida office of insurance regulation for not meeting the minimum amount of.

Funds to pay out policyholders claims well the minimum funds required is 15 million dollars here in the state of florida for any carrier so when i guess they were not able to meet that they got downgraded on their rating the department of insurance became aware robert norberg president of arden.

Insurance associates in lantana says usually this means the insurance company's current policyholders will face some changes the department of insurance is going to make sure that the consumers are protected the one real good thing is that you know because they were an admitted and approved carrier.

That they would have access to the florida guaranty fund you know should the company be liquidated and not be able to pay claims that guarantee fund comes in to pick up those claims for those folks maybe there will be another carrier that'll step in and take a lot of the policies.

Maybe not but they will be given a notice by the receiver in the department of insurance on how many days they have to find new coverage the silver lining for dan who found new and more comprehensive coverage for a few hundred dollars more a year the policy that i have now is for more.

For a higher dollar amount of coverage because my property is now worth more than it was you know a year ago so that was nice michelle quesada wptv newschannel 5.

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