Gulfstream Policyholders
Your insurance experts are here for you!
Your insurance experts are here for you!
As you may already be aware, as of 8/27/2021 all Gulfstream Property & Casualty Insurance policies will be cancelled. First off, don’t panic. Take a moment to read through the information below. You still have plenty of options to insure your home and family. Synergy Insurance Group is here to help navigate you through the process as much as we can.
Gulfstream has been forced to enter into what is called “receivership.” This simply means that the company no longer had the financial ability to continue normal operations while fulfilling current claims obligations and future claims. The Florida Department of Financial Services has stepped in at this point to ensure that policyholders will have their open claims paid and any new claims from current policyholders will be covered as well.
Here is the important information you will need to know:
After receivership transition is complete, you will be able to communicate directly with the applicable Florida departments. We’ve given more information on that below.
Florida Insurance Guaranty Association (“FIGA”) has been activated to help pay outstanding Florida claims for property and casualty policies. The processing and payment of covered claims will be made by FIGA (subject to the lesser of policy limits or FIGA’s maximum cap). The maximum amount FIGA will cover is generally $300,000 per claim. An additional $200,000 is available for structures and contents on homeowner’s claims. You can visit their website here for more details and FAQ’s about your coverage.
The DOFS will be in charge of processing payment of covered claims on Gulfstream policies incurred before 12:01 a.m. on August 27, 2021. The processing and payment of pending covered claims will be made by the applicable state insurance guaranty association. You can get more information and assistance about filing your claims, obtaining documents, approved vendors and more by visiting their website here.
Your trusted insurance experts at Synergy Insurance Group are here to help guide you through this process to make sure you are ready to weather any storm. If you’re not a current Synergy customer and would like us to help you find new coverage, just fill out the form here with some information and one of our experts will be in touch with you very soon.
Synergy Insurance Group is an established and trusted agency in the South Florida community. We have seen many insurance carriers come and go over the years, so we have the knowledge and experience to help you navigate through this process. We have worked hard to establish solid relationships with a wide selection of carriers, so we are always able to provide our clients with the best option for their needs. Our seasoned staff is ready to help you find the best possible policy for you and your family. Contact us today!
1000 Sawgrass Corporate Parkway,
Suite 450, Sunrise FL 33323
9:00AM – 5:00PM Monday – Thursday
9:00AM – 4:00PM Friday