Gulfstream Property and Casualty Insurance Company has a rating of A+ from the Better Business Bureau. It has insured more than ninety thousand homes in six states including Florida, Alabama, Louisiana, South Carolina, Texas, and Mississippi. The company has settled more than seventy-two thousand claims since its inception and has paid around seven hundred million dollars to policyholders over the years. Those insured and provided coverage include devastating damages and aftermaths of more than thirty storms including hurricanes Wilma, Matthew, Irma, and Katrina.
History of Gulfstream Property and Casualty Insurance Company
Gulfstream was founded in 2004. It offers homeowners insurance, landlord or rental property insurance, condominium insurance, flood insurance, fire insurance, equipment breakdown insurance, and renters insurance. The company is strongly reinsured and highly rated. It has an A rating for financial stability from Demotech. The rating implies its financial stability is exceptional.
Gulfstream has a vast network of agents across six states. The insurance company has corporate offices in all these states. There are experts providing extensive assistance to those seeking insurance and those who are already insured by the company. The insurer has always protected the policyholder surplus, thereby ensuring those insured always get the financial help needed in the aftermath of a major adverse incident. It has dealt with innumerable claims after catastrophic natural events over the last fifteen years. It has honored its pledge to provide the coverage as the policy of all insured.
Nan Brunson is presently the president and chief executive officer of the insurance company. David Block is the chief financial officer and treasurer, Kerry Ford is the chief underwriting officer, Mike Killingsworth is the vice president of sales, Mike Gilmer is the vice president of claims, Don Soss is the vice president of underwriting and product management, Perry Cone is the general counsel, secretary and vice president for administration and compliance, and Terri McCoy is the assistant vice president of underwriting.
Gulfstream has comprehensive reinsurance to protect its financial viability. Reinsurance plays a key role in ensuring an insurer is financially protected in times of great distress. It is owing to the reinsurance program that those insured can rest assured their coverage will be available when needed, regardless of how many others need the same, less or more coverage for a similar or different reason. The reinsurance program of Gulfstream covers worst-case scenarios, including catastrophic events on a large scale. The policy also provides coverage for multiple storms. The insurance company has low retention and a sturdy capital position.
Products of Gulfstream Property and Casualty Insurance Company
Gulfstream has comprehensive homeowners insurance policies. Many policies are customizable depending on the type of coverage required and the available deductibles and exemptions. There are discounts available on the basis of some key factors. Homeowners can discuss these specifics with their agents or the experts at Gulfstream.
The insurance company can protect the entire structure of a property, unconnected or detached fixtures on the premises and personal belongings including valuables. Pricey valuables can be insured in the same policy for a higher premium. Standard coverage of homeowners insurance policies of Gulfstream is for dwellings including the walls, floors, roof, cabinets, and countertops, porch, installed appliances and other interior fixtures. Coverage for personal property factors in clothing, furnishing, electronics, jewelry, housewares such as dishes, pots, and pans, medicines and health products. Standard policies also cover temporary living expense and relocation cost. There is standard liability protection that also includes medical expenses. Standard liability insurance coverage includes the cost of legal defense. Most standard policies provide coverage for fences, detached garages, and sheds.
There is additional coverage for most policies. Gulfstream is capable of providing limited or extensive additional coverage depending on the needs of homeowners. This is mostly where customization becomes imperative. Additional coverage is optional. It can account for the cost of repair or replacement in case of perils that are not covered in the standard policy. Collectibles and antiques can be included in additional coverage. Equipment breakdown, damage to appliances, failure of major systems in the property, protecting the value of golf cart and special liability protection can be secured with additional coverage. Standard coverage can be insufficient in instances of grievous personal injury. Additional coverage can be sought for such circumstances. Gulfstream also offers coverage against identity theft and animal liability, loss assessment and scheduled personal property.
Gulfstream has policies for owners of detached homes, condominiums, townhouses and other types of residences. The property may be occupied by the owner throughout the year or it could be a seasonal home. There are other policies for landlords or property owners who have tenants. Renters can also get adequate insurance coverage. Renters usually do not need the kind of policy suited for homeowners. Renters can get home contents insurance, which basically provides coverage for personal valuables.
Standard Perils and Additional Coverage from Gulfstream
Standard insurance policies of Gulfstream cover losses or damages caused by fire, lightning, smoke, wind and hail, theft, frozen plumbing, explosion, and vandalism. Storms and hurricanes are perils that require a separate deductible. They are not always among the covered perils in every policy. Standard policies may have many exemptions, especially flood and other major natural disasters. These need to be included as covered perils while choosing a policy. Gulfstream does have standalone policies for flood, storm or hurricane.
Gulfstream factors in all relevant elements to determine the cost of insurance. The age, type, and quality of construction of a house are the basic components. Protective features, if any, can reduce the cost of insurance. Adherence to building code, the present condition of the house and the amount of coverage influence the premium. Installing anti-theft alarm and fire sprinkler system can make an insured eligible for a discount. There is a new home credit available in most states. Homes in gated communities qualify for another discount. The availability and value of discounts vary from state to state. There are many such aspects that influence the premiums charged by Gulfstream Property and Casualty Insurance Company.