That’s the issue with Demotech. They basically have a pass/fail rating system where you’re either good or considered below that standard needed for a federally backed mortgage which effectively puts you out of business regardless of the financials or investor interest. They can’t give warning on who is on shaky ground via actual ratings because if they do, it’s all over regardless of whether the company can pull through. Gulfstream was “good” until the investor pulled out and they folded. Demotech really needs to have an AM Best style system where you get some warning without torpedoing a company.
Demotech is worthless. Once we get the big hurricane, a bunch of Florida domestics will go belly up….after having been rated A prime or double prime or whatever by Demotech. It’s a joke. Their ratings are not real, just a political tool created to keep Florida residents and mortgage companies calm.
I’m unable to find out our refund status for Gulfstream. We cancelled our policy BEFORE they announced the liquidation process. I have tried many times to call the Fl. Dept. of Financial Svc. 1-800-882-3054 number and it only allows the option to speak with a specialist and then always says “no specialist available” and disconnects you. So infuriating! What site exactly will show me my refund status?
Wow, Demotech caught it a whole 30 days before they went be bellyup.
That’s the issue with Demotech. They basically have a pass/fail rating system where you’re either good or considered below that standard needed for a federally backed mortgage which effectively puts you out of business regardless of the financials or investor interest. They can’t give warning on who is on shaky ground via actual ratings because if they do, it’s all over regardless of whether the company can pull through. Gulfstream was “good” until the investor pulled out and they folded. Demotech really needs to have an AM Best style system where you get some warning without torpedoing a company.
So my annual premium, paid on May 29th goes kaput? Thanks Arthur J Gallagher for such risk management expertise.
Just paid over $3300 July 8th for my annual premium. Now what? Will I get a refund? Why did they take my money then!
You need to use google. Their you will find info on the judges order to liquidate and the state agency to look for your refund.
Check google. You will find info on your refund
Demotech is worthless. Once we get the big hurricane, a bunch of Florida domestics will go belly up….after having been rated A prime or double prime or whatever by Demotech. It’s a joke. Their ratings are not real, just a political tool created to keep Florida residents and mortgage companies calm.
I’m unable to find out our refund status for Gulfstream. We cancelled our policy BEFORE they announced the liquidation process. I have tried many times to call the Fl. Dept. of Financial Svc. 1-800-882-3054 number and it only allows the option to speak with a specialist and then always says “no specialist available” and disconnects you. So infuriating! What site exactly will show me my refund status?