Insurance company

Insurance company goes bankrupt after man pays

State of Florida responsible for issuing refund

TAMPA, Fla. (WFLA) — What happens if you pay your homeowner’s insurance premium and the business closes?

When Gulfstream Property and Casualty closed last summer, a Largo man was told the state of Florida would refund his money. Nearly eight months later, he hasn’t seen a penny.

He turned to Better Call Behnken for help.

Irv Miller said he was forced to pay more for a policy with another company, but was assured he would receive reimbursement from Gulfstream. He had just paid his premium.

“The 30 days have come and gone,” he said.

Then he learned that the company’s assets had been turned over to the State of Florida. But when he called for more information, he heard a recording with the same story he heard in August – wait 30-60 days.

“Nobody communicates anything and you can’t talk to anybody,” he said.

Hours after a call from Better Call Behnken, Irv received a callback from the state. Apparently, he was told, the state mailed his check, but it was returned due to an error in the address.

A state spokesperson said a new check would be issued immediately.

The spokesperson said he believed it was an isolated case caused by an error. But it’s a reminder that if your insurance company closes, you may also be liable for a refund of unused premiums, so check your policy and check with your insurance agent.