UPDATED: Mar 18, 2020
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About People’s Trust Insurance
People’s Trust Insurance was founded in 2008, and time when the homeowner’s insurance market in Florida was rocky after several difficult hurricane seasons. The company focuses entirely on homeowner’s insurance, offering two levels of coverage to include more homes.
The company is located in Deerfield Beach, Florida and provides coverage to approximately 125,000 homes across the state. They ranked as the second fastest growing company in Florida between 2012 and 2014, and employ about 300 people. Coverage is offered through local independent agents.
People’s Trust Products
People’s Trust writes only home insurance and offers two different products.
Homeowners Insurance (HO3) is a standard comprehensive policy, providing structure coverage as well as personal property and liability. The home itself is insured at replacement cost. Personal property is actual cash value unless the insured opts to increase coverage to the replacement cost level for an added premium.
This policy is for owner-occupied homes and has stricter requirements for coverage than the other option, Basic Choice.
Basic Choice is what is known as a dwelling fire policy elsewhere. Homes that do not qualify for a homeowner’s policy will often qualify for this policy.
This product has more exclusions, but still covers the structure as well as providing personal property and liability. Basic Choice can be written for rental properties as well and offers protection for landlords.
Flood Insurance is also offered by People’s Trust but is underwritten by another company on the authorization of FEMA.
People’s Trust does offer online quoting but requires personal information as well as the creation of an account with the company. The system rejected our attempts to obtain rate information with a sample address and phone number.
People’s Trust does not appear in the Florida Office of Insurance Regulation’s rate charts, so we were unable to get a rate comparison from that resource, either.
People’s Trust has a 24/7 toll-free claims reporting line offering an immediate emergency response.
The claims process operates on what the company calls its Rapid Recovery system, promising a fast resolution to claims large and small. After the claim is filed, the Rapid Response team is dispatched if necessary to prevent further damage and assess the situation. In non-emergencies, the company will send out an adjuster as quickly as possible.
From there, the system is much the same as most insurance companies – coverage is determined and benefits applied to the loss. The company promises a three-year satisfaction guarantee on all workmanship done by contractors in their network.
For a regional insurance company that sells only homeowner’s insurance, we found the claims section of the website to be clear and informative.
Ratings and Consumer Review
People’s Trust has an A+ rating with the Better Business Bureau (BBB) with 68 complaints on file in the past three years, 20 of which were filed in the past 12 months. They have been accredited since 2014. There are 43 reviews of the company on the BBB page, and the complaints are mostly focused on billing issues and policies being canceled without notice.
There are 42 reviews on Yelp, with a similar overall 1.5-star rating. Here we found several claims issues citing slow response. The company does take the time to respond to complaints on the Yelp page, which is in their favor.
The Office of Insurance Regulation does have data for People’s Trust in their complaints database. The most recent data is for the second quarter of 2018, and lists a complaint ratio of 1:1012, or one complaint for every 1,012 policies in force. The site also offers two similarly sized companies for comparison; People’s Trust has a complaint ratio that is lower than both.
The Bottom Line
There is not a lot of information on People’s Trust’s products, nor were we able to obtain rates. What we see in the complaints shows a company operating with fewer complaints than similarly sized competitors, which is a good thing. People’s Trust may be worth a look if you are having trouble finding home insurance in Florida, but there is a chance that those who qualify for a better-known company will get a better deal elsewhere.
For a list of companies that we recommend, visit our Best Insurance Companies page.