ED Magedson – Founder
People's Trust Insurance Company6001 Broken Sound Parkway Suite 200 Boca Raton, Florida USA
People's Trust Insurance Company INSURANCE SCAM Boca Raton Florida
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:
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!
This report was posted on Ripoff Report on 03/26/2014 09:08 AM and is a permanent record located here: http://www.ripoffreport.com/r/Peoples-Trust-Insurance-Company/Boca-Raton-Florida-33487/Peoples-Trust-Insurance-Company-INSURANCE-SCAM-Boca-Raton-Florida-1133782. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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