People's Trust Insurance Company sent me an advertisement in the mail in Fall of 2013. I called their company and got a quotation, then had their inspector come to my home to approve our application. Everything was approved and our new insurance was all set - or so I thought.
It took me over 3 hours of phone calls and arranging the visit to my home in order to setup my new insurance with the bank who owns our mortgage, etc... This time is very valuable to me, as I am the CEO of a company and don't have time to waste.
87 Days after the Effective date of our policy I get a letter in the mail:
CANCELLATION NOTICE
Reason(s) for Cancellation
1. Underwriting Risk Exposure Management
2. The company has determined that prducent financial management and reinsurance cost considerations require a reduction in its residential insurance exposures in the tri-county. In accordance with Florida Statute 627-4133 all new policies in effeft 90 days or less may be cancelled for underwriting reasons.
So I call up People's Trust to ask for further information. I was greeted by a polite man and told that we had done absolutely nothing wrong and the cancellation was not due to us. Instead he told me that People's Trust was temporarily reducing some of its policies in the tri-county area of South Florida. We were simply one of these "reductions". They key here though is the word temporarily. It means they're going to continue issuing Florida policies perhaps in a month, or a week, or maybe even tomorrow! He said there was nothing I could do about it, and neither could he. I told him, "actually, I can file a ripoff report online, that's what I can do about it!"
So I called back and talked to a sales person. I told him where I lived and he says "I'm sorry, we're temporarily not offering service in your county." I said "well isn't your business located in my county?" And he says "yes, but we're reducing our exposure there temporarily. Hopefully we will have a product for you next year.
I then asked "what, so next year you can write me another policy that you'll just cancel on me?" And he seemed confused. "No" he said. I told him that's what they had just done to me... Wrote me a policy and then canceled it. Like hell if they aren't going to play this same trick again.
They sell you insurance during the Hurrican off-season. Then just before Hurricane season rolls around, they CANCEL YOU. Now I have to spend another 3-5 hours of my time researching new insurance companies, finding one, setting up another home-inspection, and dealing with my bank all over again. I should be able to bill People's Trust for all my time, those shady bastards.
IF YOU ARE CONSIDERING PEOPLE'S TRUST INSURANCE - DONT. THEY WILL WASTE YOUR TIME, TAKE YOUR MONEY, AND THEN CANCEL YOU WHEN IT'S CONVENIENT FOR THEM. DON'T FALL FOR THEIR SCAM!
anonymous
Miami,#2General Comment
Wed, April 02, 2014
in today's (4/2/2014) Miami Herald there's an article about People's Trust cancelling policies they've just issued, "Insurer abrubtly cancels thousands". Two recent mailings I received identify the company only as "Insurance Express" along with a phone number. I could find no online information about this company. At the bottom of the mailing in small print appears an email address that includes "People's Trust" along with "Insurance Express", appears they are trying to obscure their true identity due to critical media coverage that also include a regulator's fine.
I'm also wondering if recent cancellations of just issued policies are intended to keep large deposits paid by new policy holders as long as possible before cancelling the policies. Their mailing includes a notice of what they claim I'm paying Citizens and what they are offering, a significant reduction. The Citizen's payment they quote is woefully less than what I'm paying and I suspect their lower quote, without calling them, is a bait and switch offer to get a large deposit before cancelling the policy with hurricane season right around the corner.