People's Trust Homeowners Insurance in Boca Raton offers discou...

There are 115 comments on the South Florida Sun-Sentinel story from Nov 14, 2008, titled People's Trust Homeowners Insurance in Boca Raton offers discou.... In it, South Florida Sun-Sentinel reports that:

Fed up with a property insurance bill that quadrupled after the hurricanes of 2004 and 2005, retired Florida businessman Mike Gold decided to take a stab at the insurance trade.

Join the discussion below, or Read more at South Florida Sun-Sentinel.

A sT 0417

Fort Lauderdale, FL

#67 Dec 2, 2008
David wrote:
Please...I'll never trust such a small company with no history what so ever, has paid close to no claims, and doesn't have agents. I just received my second mailing from them, so I decided to do some research. From the sounds of this feedback, you folks make Peoples First sound like the solution to Florida’s home insurance problem. The real problem here is you folks no nothing about your insurance. When was the last time you scheduled and appointment with your agent and have he/she explain your policy? The stuff I am reading in here regarding other structures is rudimentary at best. If you're going to pay for something...know what you're getting.
My insurance has doubled since I initially purchased it 8 years ago, so I am feeling the pain also. But, I held my agents foot to the fire and had him explain to me what I had and why it's doubled. So... my advice to everyone's who's throwing their old insurance company under the bus.... Read your policy or talk to your agent before you jump to a company with low initial premiums and overhead b/c they have no agents, no claims, and no customers.
....Said the angry, jealous agent...
Ashley

Fort Lauderdale, FL

#68 Dec 2, 2008
Lester Blumstein wrote:
Is Chaim the President of this company? Pretty defensive to put his companies reputation on the line. I called this company last month and never received a copy of my quote nor copy of the contract to read. Before handing over my hard earned money I learned to investigate. They never had to handle a storm. This public relations piece is nothing more than fluff to sell newspapers.
That's funny...I just searched your name in our system Sir and no quote pops up for a Lester Blumstein...
Angela

Newbury Park, CA

#69 Dec 2, 2008
All of these sound like testamonies on a cheese infomercial....I'm expecting a guy with a British accent, or Billy Blane to jump out of my screen screaming "People's Trust" can't be bought in stores! Sounds a lot like Peoples Trust employees are getting a Christmas bonus for posting a "review"
A-N-T

Fort Lauderdale, FL

#70 Dec 2, 2008
Lester Blumstein wrote:
<quoted text>
It is against the law to review my quote if you are not an employee of the company.
For your information the person I spoke to did not speak English too well. I knew more than she did just by reading the language of my former policy. Your answer to my question was pretty defensive to protect the companies interests. How close are you to key personnel of this company? The Insurance commission is investgation fair competition of this company and their public threats of eliminating high commission "professionally licensed agents" The fact that this company does not used licensed personnel is not only unethical but pretty stupid.
I looked up your quote my friend, I am an employee of Peoples Trust, and there is NO lester blumstein in our computer system! And Chaim is absolutely right, our computer system NEVER erases a quote we have done, now stop with the lies and get a LIFE! We are an excellent company and we are saving people lots of money, not trying to take them for every cent they are worth.Please get over yourself!
LANTANA GIRL

United States

#71 Dec 9, 2008
THAT MITIGATION REPORT BELONGS TO YOU. GET A COPY AND KEEP IT . IT IS GOOD FOR 5 YEARS!!
suze wrote:
Well, I paid $150 for a wind mitigation inspection and gave it to my agent at State Farm to see if I could get lower rates. She told me it would take 2 weeks before they could tell me if the would lower my policy price. Then went to another agency, AAA, they have a new policy that insures both your house and car. Told me that they would have their underwriters look at the mitigation inspection and let me "know" if they would give me a policy. Some trick, huh, for $150. Well, there are other companies that have more reinsurance on hand and will give you a policy for only a few hundred more than Peoples, Royal Palm insurance, North Capital, etc. If I don't hear from one of my "major" companies by next week, I just might put my wind mitigation inspection away,(another rip-off) and call Peoples. I won't have to wait 2 weeks to get an answer. They want my business. I too have been paying too for detached dwelling which I do not have. And state farm must think I have an art museum in my house for what they charge for personal property.
Keith

Winter Haven, FL

#72 Dec 10, 2008
Strange that all of the longer replies saying how wonderful the company is are long and seem almost scripted. Years back I worked for an insurance company named Hanover Insurance Group. After a reorganization we had media come in and write an article about the company in a very similar manner and the company executives sent out an e-mail asking us to leave comments about how good of a company we are.

/waves at the People's Trust Employee's posting.
Keith

Winter Haven, FL

#73 Dec 10, 2008
Furthermore, I went to people's trust and quoted my house, my sister, my parents and two friends. All 5 quotes came in lower based on their "suggested coverage" but the suggestions stripped coverage off of my policy. As I use to work in the insurance business i know how important the "personal property replacement cost" endorsement is. they raised my deductible from 2% hurricane to 5% and from 1000 to 5000 for everything else. To be sure I stopped in and met with my agent who matched the People's trust coverages on my policy and my policy with American Traditions Insurance Company was $300 cheaper. Same thing with all of the other quotes, my parents have Universal Property & Casualty and their price is better than People's Trust, My sister has United Property & Casualty and her price is cheaper with United. My two friends have American Traditions as well.

A company that advertises cheap rates yet they achieve these rates by choping important coverages should be put out of business because it is almost like stealing. All insurance companies must file their rates with the state. After some research it was confirmed that People's trust prices were no where near the lowest in the state.
Tom in Tampa

Winter Haven, FL

#74 Dec 10, 2008
Ashley wrote:
<quoted text>
That's funny...I just searched your name in our system Sir and no quote pops up for a Lester Blumstein...
Wow...so much trolling from PT employees... seems like they cant just let their product speak for itself ... they have to defend it to the point of name calling.

Im an insurance agent, funny PT says that agents get 30%. If I got 30% id retire right now at the age of 41 because the value of my book of business would be triple what it is. Fact of the matter is agents get paid 8-12% and most times not on the entire premium. So there is one lie from PT. PT does not use agents, inturn they issue policies through a call center. Those reps have to be paid dont they? Lets just say PT has a call center of 50 with average salaries of $30,000 or $15 per yr (fair?...ok). that would be 1.5 mil paid to the new business reps (aka inside agents). Now the article talked about 14000 policies sold, 14,000 policies at the average price of $1200 per/yr = 16,800,000 in premium / 1,500,000 being paid to the PT new business reps = right around 9% of the entire premium.

two of the companies I write for pay 10% of only the non hurricane portion of the premium. So a 1200 total premium, minus taxes, surcharges and the Hurricane portion of the premium is about 7-800. Lets take the high number 800 x 14000(policies)= 1,120,000 paid to the agent.

And there is no way a small insurance agency will ever sell even close to 14000 policies in a year alone.

PT employees can call agents all the names they want, in the end they are just small business owners with a new company using negative advertising targeting these small business owners as the resident evil even though it is a lie and that lie is proven with a small amount of simple math.

To the PT employees: go and read your companies rate filing with the state, they reserve 40% of all policy premium to pay new business reps and advertising. When was the last time you have seen a company like St. Johns Insurance waste their policy holder's money on negative advertising ... or any advertising period! They dont ... because thats what the agents do ... and we pay for it out of the small amount of money we make!
Not an agent but

Auburndale, FL

#75 Dec 13, 2008
How many times did you ask your agent to explain your coverages?
Chaim wrote:
I switched to People's Trust and have told all my friends to do the same. It's about time sombody stood up for homeowners. My agent never did a thing for me. The people I spoke to at People's Trust took the time to explain my policy like no one ever did before. I have the coverage I want and need and $2,700 in my pocket I didn't have last year. Keep it up. Not all of us can afford to keep paying these high premiums every year!
Old School Agent

Oviedo, FL

#76 Dec 19, 2008
Alllllllll the new take outs are a joke...You fight to get a claim paid...Now the new kids on the block..Cheap Rates..Low Ball...
Well good luck even talking to claims as they will be at Mr. Golds house having a party..
Pray we dont have a storm or will have a ton of pissed off "People" who picked the wrong company to "TRUST"
Old School Agent

Oviedo, FL

#77 Dec 19, 2008
Here we go again...Not a take out company but close to it....The take outs dont pay so why should these guys?
Any new co without a track record is a real scare..Well if the big one hits we can find the claims people at Mr. golds house having a party!!!
Mike

United States

#78 Dec 22, 2008
I'm an agent and yes some people are finding cheaper rates with People's Trust but as a consumer you really need to research the company's business model. Cutting agents isn't how they save money (they spend what they would pay agents on advertising instead..what's the difference whether its an ad in a paper or a person pushing the product!) Having an in network contractors assigned to your reduces their claims costs but allows them direct contact with your contractor. Do you really want to rely on someone else to hire your GC if a major repair is needed. And believe me, when money is low, insurance companies deny claims and cut what they think is needed for repair. Normally a 3rd part GC would figt that and go to bat for you if more is needed but with a Peoples Trust GC you're liable to get the company line insteatd. After all he's not going to jeopardize being a part of their "circle of contractors".

Also, I have been running comparisons against this company and have found for most identical quotes Peoples Trust is not cheaper than many companies available today! So if no savings, new company, and bad claims model..what's the point! Almost all my educated clients have come to this same conclusion on their own.

All in all this company may survive, but it's very likely it may not, and I advise my friends, family, and clients all the same way...do your research and question question question when something seems to good to be true!
Mike

United States

#79 Dec 22, 2008
Also, it sounds like a lot of you people have bad agents.

Just like any profession , there are good and bad, but please dont act like we all want to screw over the consumer.

I personally always take the time to explain coverages to an inquisitive client. I enjoy it in fact!

Do your local small business agent a favor and give him a call before making a switch. The economy is rough for everyone and I personally will gladly take the time to requote and explain things to everyone of my clients...it just takes a call!
HAHAHA

United States

#80 Dec 26, 2008
You idiots are paying for the Wind Mitigation inspection? The state offers it for free morons. God, no wonder people get scammed left and right.

And guess what? The state pays that Mitigation inspector $150 for each home he surveys.

Peoples trust is what insurance should be like. There is no reason to pay anymore then $1500/year for a half a million dollar house like mine. Thats what peoples is charging me. I suggest everyone quit listening to the Citizen spammers on this board and get a quote from these people.
HAHAHA

United States

#81 Dec 26, 2008
"Also, I have been running comparisons against this company and have found for most identical quotes Peoples Trust is not cheaper than many companies available today! "

Oh really? Citizens wants almost $4,000 to insure my 1/2 Million dollar home. Peoples charged me $1500.. And guess what, you say these small insurance companies will go backrupt and wont pay? I'm still waiting on a check from citizens for my roof when it got damaged in Wilma almost 3 YEARS AGO!

So to conclude, all insurance companies are going to deny claims and wait 3 years to pay. In the meantime i'm going with the cheapest of them while you pay 3 times as much for the same, or less service.
Lic Adjuster

Fort Lauderdale, FL

#82 Jan 14, 2009
My neighbor just switched to the Pos company and had three water claims in the past three years. Not one question was asked to him regarding his claim history. This company is a joke and so are their "unlicensed reps". Let me know if they are still around on Nov 30 running for the hills.

Mr Gold was a former copier salesman turned insurance maverick???
momo3

West Palm Beach, FL

#83 Jan 19, 2009
Just switched from Tower hill to Peoples Trust saved 800 on a concrete block house 2100 sf Older home 1980. I too am sick of puttting out so much for ins. They accepted the report down for last years ins.com pany regarding wind storm mitigation.
Peggy

AOL

#84 Jan 21, 2009
People's Trust gave me a quote which was over $1,000.00 cheaper then Federated National and its the same coverage just with People's Trust I picked a lower deductible ....
Going Elsewhere

AOL

#85 Jan 21, 2009
Talk about not speaking English!!!! I called my insurance company, Federated national and they couldn't even find me in their computer and I've been with them for 3 years and have paid them thousands of dollars!! Bad enough they didn't speak English but the girl I spoke to couldn't even understand English .. Frustrated I just hung up and decided to email them instead... The response I received to my email was like an illiterate 9 year old sitting in a hut in a 3rd world country wrote me back ...
I'm going somewhere else!
Jack Mehoff

Fort Lauderdale, FL

#86 Jan 21, 2009
I keep getting flyers from this company offering low rates but no rating example in their offerings. They have only 10 million in capital and no real claims experience yet.

What happens when you need to file a claim and they can't get to work? What contingency plan does this company have? Do they have a mobile response unit with backup power? Perhaps a Demotech A rating does not take that into account.

Wait until they start writing condos and that will bring the company down to their knees in debt.

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