Complaint Review: Swyfft Insurance Company

Approximately two years ago (7/12/2021) the annual cost my Homeowners Insurance had gone up so much that I was forced to shop for a new provider. I used an insurance broker (Great Florida Insurance/Aspen Insurance LLC) to shop available providers and they referred me to Swyfft Insurance who is apparently another broker because they wrote my policy with a company called Clear Blue Specialty Insurance. On 7/13/2021 my HOI policy was written for an annual premium of $1317.00 + $275.00 in fees which was reasonable at that time. The next year the premium was increased to $2220.65 which I accepted, and the premium was paid. And as of 7/13/2023 Swyfft changed my HOI provider to Topa Insurance Company and increased my premium to $3506.90/yr. I tried to cancel my policy in August of 2023 with Swyfft/Topa and was told by Great Florida/Aspen Insurance that Swyfft would be keeping 50% of my premium for canceling during hurricane season. I did cancel the policy because the premium was unreasonably high for the extremely limited coverage. I have now received notification from Swyfft LLC that they had indeed kept $1647.00 of my paid premium, and it will not be refunded.

I question the legality of such deceitful practices and would like to understand how Swyfft is getting away with what appears to be common theft? As a Floridian I pay some of the highest insurance rates in the country and to have Swyfft Insurance LLC literally steal half of my premium for canceling an overpriced, limited coverage policy is nothing short of criminal!

Here is the information concerning cancellation of the Swyfft Insurance policy. Titled Minimum Earned Premium Endorsement:

b. If the policy is canceled at the request of the (first) Named Insured: i. If the policy has been in effect any time during the period of June 1 to and including November 30, the premium charged shall be subject to a Minimum Earned Premium of 50% of the gross annual premium (including any additional premiums added by endorsement). This Minimum Earned Premium is the least amount of premium we shall retain as earned premium regardless of term.