What a warm and fuzzy way to acknowledge a company that is currently dropping 20,000 policy holders in a tri-county area because they sold more policies than they have the reserves to cover. This company is dropping everyone who has had coverage written in the past 90 days.
During the presentation ceremony Governor Scott said that, "Florida’s economy has made a huge upturn thanks to businesses like the ones being recognized today. These outstanding companies have worked hard to create jobs and improve our economy. Florida families are able to live the American Dream with the help of the successful, innovative companies that call Florida home. I am thankful to these companies for their help in making Florida a great state for business and congratulate them on their achievements.”
In reality, I own a home three months outside the 2014 hurricane season with no wind storm, no premises liability, no fire and theft insurances.
I am now competing with 20,000 other people looking for the same type of overages. And we all were given a whopping 20 days’ notice before the coverage lapses. Even better for me, I paid an entire year in advance, so I have to wait on the refund of the money remaining from my premium. A helpful employee at the insurance company advised me to find insurance soon and then I would get my money sooner. Need I point out that they are collecting interest on my premium while I wait for the money?
Rick Scott is the business maven that backed Citizen’s Insurance into a corner gutting the legal department; forced them to raise their rates; pushed the constituents of this state into insurance companies like Heritage (that’s one of his buddies, see the Miami Herald) and into newly created underfunded companies like Peoples Trust --- only so he could brag during the election cycle that he controlled the state’s out of control hurricane insurance industry as well as created jobs.
People’s Trust Insurance Company does not meet underwriting criteria and yet, our dimwit governor gives the company an award stating how innovative they were.
People’s Trust grew from 162 employees to 425 employees. The insurance company brought in 45,000 new policy holders, and within 57 days of receiving the Governor’s Innovation/Entrepreneurship Award, they dump 20,000 NEW policy holders. Innovative, indeed! Even Governors can be suckers, not just us plain folk.
13 comments:
The hand in glove working together of business and government.
Aren't we all glad to be part of this free enterprise business model????
I'm glad I saw this piece about PeoplesTrust. I was about to consider them as an option to Citizens. I just received this eerie letter from Citizens describing the Potential Surcharges and Assessments that I may be potentially subjected to upon my policy renewal and urging me to seek alternative policy options. As a homeowner of a house over 50 years old, I have been led to believe that Citizens was my only option for insurance. After reading this letter, I feel like the day may soon come that I will not be able to remain in my home due to the fact that I will be unable to afford the insurance premiums. Any suggestions for other insurance companies to check into would be greatly appreciated.
There is a spot on the insurance commissioners website that allows you to estimate the best prices by county. (that link has changed over the years from listing all companies available for you zip, to one based on a 300000 house, which i dont own. )
These guys are not on it. Farm bureau was the number one insurance listed. I went to farm bureau web site and they have a thing written in red that says if I let my farm bureau membership lapse, I lose my insurance. I have to bribe an insurance company to get coverage?
I live in Monroe county. People's trust doesn't write there, but I received that letter from citizens. I am already paying more in insurances than mortage every month--- even if I pay my house off, I will still have to pay out 1500.00 a month, before my next renewal adjusts my payment.
Not to be snotty, the house has stood there since 1972, it has never flooded and it has never had a storm claim while I owned it in 24 years. Why am I paying more than all the other areas of the state?
It is a racket. The strategy has to be to pay off the mortgage and save the old insurance payments to self-insure. It is the only workable strategy in this environment.
I beg to differ with your statement that the governor is a sucker. We are the suckers, he is the "suckee". In addition, I don't really know what we can be called if we re-elect him in 2014l
I was offered "Peoples Trust" as an option and thought the name reeked of scam. Anybody that calls themselves "Peoples Trust" can most likely not be trusted.
agree with poster above - do all possible to pay down your mortgage as fast as you can and don't buy more windstorm than your mortgage amount ..and yes , re-stating the obvious make sure you do all you can to stop another term for Capt. Fraudster Scott
Did you bother to read the policy you bought from Peoples Trust. Their Rapid Response Team is a scam. If you make a claim, it's their construction company doing repairs to their liking and specifications on your home. You probably won't get replacement of anything close to what you had.
Be happy you didn't live through a catastrophe with them.
Any ideas on a company? It was the first time I had bought insurance .... Other than car. I did not realize I was going to be stuck with there contractors.
I almost bought a policy from PTI. Changed my mind after doing a web search on them, and reading some of the reviews by clients who'd filed claims.
If you got dropped by them, it's a good thing.
Other than Citizens, try Amica or Florida Peninsula.
You are both right about paying off the mortgage. As you pay your mortgage down, your mortgage payment gets smaller and smaller, and your insurance should just cover the reduced mortgage amount until it is completely paid off. Once the mortgage is gone, you save your money to self insure in case of a hurricane. And you are out of the rat race.
I sell People's Trust Insurance as well as a ton of other companies. My job is to inform my clients of the way they handle claims and their "Rapid Response Team". Some clients want low rates no matter what! All of my clients get educated on the pros and cons and we figure out, together, if PT is right for them.
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