Does anyone know anything about this Fl based company, good or bad? Their rates were cheaper then my present company, all things considered. TIA
I got some info now, they are an "A" rated company, however they haven't been in business for very long. Not enough data about how they would pay a claim.
It would be interesting to know who they were before they were PTH. So many companies here go out of business and then start up again with a different name. But to get an A rating they must have a lot of funds behind them.
The following is my understanding of the new insurance companies in Florida.
Many of the insurance companies doing business in Florida now have a grant or loan from the state backing their business. Of the three we checked out, all had A or better ratings. The minimum bankroll is 25 million, and, I may be wrong, I believe the initial 25 million is the grant or loan money from the state. The company is required to write a certain dollar amount in policies within a specified time to retain the state money. This was done to relieve the pressure on Citizen's. Citizen's is now transferring some of their policies onto these new companies to reduce their (Citizen's) liability.
When State Farm dropped us last year, our only choices were virtually unknown start-up (as I call them) insurance companies that were 5 years old or less or Citizen's. No other nationally branded insurance company is available to us at this time. We opted for one of the new companies since Citizen's is unloading policies anyway.
Hope this helps a bit.
What concerned us is how little capitalization many of these new companies have. $25 million is not enough unless they have re-insurance from larger backers. And you don't know how many homes these companies are covering. A few million dollar homes and their capitalization is gone.
The state of Florida is just trying to unload Citizens policies any way they can even if these brand new companies aren't financially prepared.
I have heard great things about People's Trust - lower rates and claim payments are handled quickly
I got a policy with People's Trust because they were helpful and they saved me money. I think they are doing a great thing by trying to save us floridians (who have been overcharged for years) some serious money. We need more people like that in this world. I have never had to file a claim in my life, yet I have been paying astronomical premiums to other insurance companies. And, in this economy, I'll take a savings where I can get one, because there are not many around.
I am having issues with People's Trust.
I called for a quote in response to a mailing. The rate was good based on what we spoke about. The "agent" wanted to process the policy immediately and when I wanted to research the company more before I made my decision, she told me that if I decided in the next couple of days (a week before the effective date), I decided against the policy, all I needed to do was call.
The "agent" was supposed to email documentation regarding the policy which did not arrive, even after an additional phone call requesting it. When it did not arrive as promised I called back to advise them that I was not interested in the policy. I got voice mail. I left a message to this effect, but did not get a call back.
I called again Friday evening (two days later) was put on hold by the phone system which advised me all agents were busy and my call will be picked up in 3 minutes. 25 minutes later, I was still on hold on the toll free number. While holding, I called the main number in Boca Raton only to be told by the phone system that the offices were closed. So much for 24/7 Access. I called back on the toll free number and chose sales instead of customer service. "Our offices are closed". The same option for claims. I left a voice message advising them that if they do not call back on Monday Morning confirming the cancellation of this policy, I will be contacting the State to file a complaint.
I got a call from the "agent" first thing Monday morning. She claimed email problems and phone problems were responsible for the lack of contact and being kept on hold while the offices were closed.
Furthermore, She refused to cancel the policy and insisted on sending Dec Page and Policy. I received the Dec page, but not the policy.
I have emailed them back advising them that I am not authorizing a change in insurance carriers and they are to cancel the policy which is currently in the underwriting department. I also reminded them that, as they pointed out in their mailer, by law, I can change insurance carriers at any time and therefore I have the right to cancel an insurance policy before the effective date. (I have neither signed nor paid anything for this policy.) I advised them that I wanted confirmation of the cancellation and if this is not addressed immediately, I will be contacting the State before the day is out.
I have yet to get a response. I will update the post when an update is available.
They just called, but hung up when they got the answering machine. Apparently, the caller did not want to leave a recorded message. Still awaiting a written response.
I would contact the State now and go on record about the issue you are having. If you can resolve it, then it's not a problem, but if you can't then it would be good to have contacted the State early.
If Citizen's tries to move you to another ins. co., can you request to stay with Citizen's? I have Citizens and though the rates are high, in a disaster, I think you have more of a chance to get paid from the state-run ins. co. than any of these new start-ups. At least with Citizens, there will be a lot of people trying to get claims settled and we should be able to get more help. A new co. might go under faster and have to wait in line longer for the money the state backs them with.
Does that make sense to anyone?
I saved a lot of money by calling People's Trust and I was wondering how I saved so much with this company!! I did some research and found that Insurance companies using agents and brokers take as much as 25% of your premium dollars for that purpose. That means one out of four years your entire premium gets you ZERO coverage it is 100% agent expenses. AgentÂs take an application "once" but want to get PAID EVERY YEAR FOREVER!
State Farm is the sponsor of the NFL Â they probably paid an obscene amount of money for the sponsorship. On top of that, they pay brokers and sponsor huge ad campaigns!
And don't worry about them backing you up, People's Trust can only take on more costumers if they have the money. They even send repair specialists to your house to fix the damaged property instead of just cutting you a measly check like other insurance companies.
Here is a link that might be useful: PEOPLES TRUST INSURANCE