Q&A Library

Our simplified approach solves a number of problems for Florida’s homeowners.

After a major storm, everyone affected is competing for the same limited pool of contractors and materials. With other types of insurance, homeowners must wait for repairs and pay more, and are vulnerable to being taken advantage of by unscrupulous contractors taking advantage of a bad situation.

Our streamlined model counters those problems by putting our policyholders first in line for guaranteed repairs, with professionals and supplies already dedicated for this purpose through our affiliate Rapid Response Team. With one phone call, we start the recovery process and take it from there.

The bottom line: Our simplified approach saves our policyholders money on their premiums and speeds their recovery after a loss.

Policyholders simply call 561-609-1002 and we take care of the rest. We deploy our affiliated general contractor, the Rapid Response Team, 24/7 to prevent further damage, make emergency repairs and restore policyholders to pre-loss condition, with a 100-percent customer satisfaction guarantee on workmanship.

Our affiliate, Rapid Response Team, stocks a network of response centers serving Florida with millions of dollars’ worth of roofing materials and hurricane recovery supplies, such as tarps, plywood and generators, to ensure that our policyholders can protect their home after a storm and recover from disaster faster.

We received our Certificate of Authority to transact business as an admitted carrier in Florida on March 6, 2008.

People’s Trust is proud to have been assigned a Financial Stability Rating^® of A Exceptional by Demotech, Inc., a financial analysis and actuarial consulting firm in Columbus, Ohio. The most current rating can be viewed at http://www.demotech.com.

Reinsurance is insurance that an insurance company buys from a “reinsurer” to help manage their risk. The insurance company takes out an insurance policy, just like a homeowner, to cover some of their losses in the case of a catastrophic event. So, in addition to the insurance company using their reserves to satisfy claims, they also receive some of the funds from the reinsurer.

Reinsurance is vital to the strength and stability of any homeowner’s insurance company because in the event of a catastrophe, with multiple dwellings claiming simultaneous losses, the insurance company needs to have the ability to cover those claims and losses.   

All of our reinsurance partners are highly rated – typically Rated A or better by AM Best – and account for more than $25 billion in surplus. We have excess surplus and utilize the Florida Hurricane Catastrophe Fund and our own Bermuda licensed captive reinsurer, which is a fully capitalized private insurer.

People’s Trust Insurance Company is regulated by the Florida’s Office of Insurance of Regulation, which provides vigilant financial oversight to our business and activities and approves our reinsurance program.

People’s Trust Insurance Company is an admitted carrier approved and regulated by the Florida Office of Insurance Regulation (OIR).

You may review our licensing by visiting the Florida Department of Financial Services website: http://www.myfloridacfo.com/.

Your coverage amount and the amount of your deductibles are the biggest factors impacting your insurance premium. Other factors include your home’s:

• Location: Where your home is located can affect your insurance costs. For example, is your home close to the ocean? Your rate may be higher. Is it near a fire station? Your rate may be lower.
• Protective devices: Your premium could be lower if your home has a protective device, such as a burglar alarm system or fire alarm system that is monitored at a central station.
• Features: Your home’s type, year of construction and roofing could all affect your insurance costs. For example, your insurance costs could be lower if your home has certain windstorm mitigation features.

Ask your Sales Representative or Independent Agent for more details.

When you elect the Preferred Contractor Endorsement on your policy, you get the benefit of our Direct Repair Model in the event of a covered loss. That means People’s Trust Insurance will manage the entire repair process for you, getting your home back to normal fast after a loss. Besides sparing you hassle, this approach saves you money, earning you a 5% discount on your annual policy premium.

Assignment of Benefits (AOB) is a contract between an insured (policyholder) and a contractor (such as a plumber, water remediation company, roofer, etc.) when a claim occurs that gives the contractor control of your claims benefits. The homeowner often unknowingly signs a form that includes an Assignment of Benefits agreement. These forms may allow the contractor to collect your claim settlement funds directly from your insurance company. This results in the homeowner losing control of their claim and it could mean having to pay amounts beyond what is covered in their policy. The contractor could even place a lien on the home which could be enforced by foreclosure. Learn more about Assignment of Benefits abuse here. In the event you have a claim, always call People’s Trust first. 

Our installment plan options, approved by the Florida Office of Insurance Regulation, include an annual $10 service charge and an additional $3 for each installment, including the down payment. For example, if you selected our quarterly plan, the total installment fee would be $22 ($10 for the service charge for the first payment, plus $3.00 for the first payment and three additional installment fees of $3 each).

Yes, view your policy or make payments anytime at MyPTI.com.

Yes, you can pay online with no fee. As a matter of fact, we offer a discount to policyholders with a Homeowner’s Insurance (H03) policy in the amount of $26 on their policy annually for electing electronic policy delivery. To receive the discount and pay online you must sign up for an account through MyPTI.com.

We accept MasterCard, VISA and Discover.

When you enroll in Paperless Policy, you can:

• Receive a $26 discount (H03 policies) at time of policy and at time of renewal
• Review, download, and print your documents anytime, anywhere
• Stay organized by only printing the documents that are important to you
• Help the environment by reducing paper waste
• Always know when new versions of your documents are available online thanks to our email reminders

Enrolling is easy! First, login or create your account on MyPTI.com. Once you are in your account, go to your settings and select paperless documents. You will receive a confirmation email confirming your election. If you need assistance, please call our Customer Service Department at 561-609-1000 and they will gladly assist you.  

Once you enroll in Paperless Billing, we will send you an email anytime a bill or payment notice is available for your review.

We present your most current bill statement to you as soon as you log into your account online. Additional billing information can be found in the Billing/Payments area. You can view your upcoming payments, check out your account history, review previous bills, and more.

If you ever decide you’d prefer to receive your billing and payment information in the mail, please call Customer Service at 1-561-609-1000.

We offer credits for burglar and/or fire alarms that are monitored by a central station. You must provide a current alarm certificate, dated within the last year, from the monitoring company to receive credit. In addition to alarms, fire sprinklers can also help you save on your premium.

You will see three deductible amounts on your declarations page of the policy: the All Other Peril (AOP) deductible, the Hurricane Deductible and the All Other Wind Deductible. The Hurricane Deductible will only apply in the event that you have property damage from a named hurricane recognized by the National Hurricane Center and watches or warnings for the storm were issued in Florida.

The All Other Wind Deductible will only apply in the event that you have property damage from a non-hurricane wind event.

The AOP Deductible applies to all other covered losses

We can insure homes that are in the course of construction only if the home is within 30 days of being completed and occupied by the owner of the home. We will also allow for minor renovations in which the property owner continues to live in the residence.

We offer discount for policyholders that are 55 years of age or older, military personnel or veteran, individuals whose homes are in a gated or secured community, and for policyholders who elect to receive their policy documents electronically. Learn more about our discount offerings here

Yes, we offer a 5% discount on the Non-Hurricane portion of your premium for any named insured that is age 55 or older on the effective date of the policy. Click here to learn more.

Yes, we offer a 5% discount to any named insured who is on active duty or retired from the U.S. Armed Forces. This discount will be applied to the Non-Hurricane Portion of your premium.  To all active and retired service men and women, we thank you for your service.  

Yes, if you live in a neighborhood that is 24-hour manned or has passkey gates then you are eligible to receive a 5% discount toward the Non-Hurricane portion of your policy premium. Seasonal and Secondary residences are not eligible for this discount.

Yes, if you elect to enroll in electronic policy delivery, you’re eligible to receive a discount on your policy at time of new policy or at renewal annually. Sign up today at MyPTI.com and elect paperless policy delivery or call 561-609-1000 and Customer Ser­vice will gladly assist you. 

Insurance scoring is a measurement that allows an insurance company to evaluate risk factors based on other behaviors. The objective of an insurance company’s rating plan is to charge premiums that are appropriate for the level of risk insured. An insurance score is calculated from certain information in your credit report. Based on this score, the non-hurricane portion of the premium may be adjusted, up or down, based on the predicted risk determined by the insurance score. Credit information is predictive of future insurance claims, which is why People’s Trust and many other insurers use this information to help charge premiums that are as accurate as possible for the risks insured.

People’s Trust will obtain your insurance score from LexisNexis Risk Solutions. LexisNexis uses credit information it receives from the credit bureaus (Equifax, Experian, and TransUnion) and performs a statistical analysis to determine your insurance score.

Your insurance score will affect only the non-hurricane portion of your premium. There is no impact on the portion of your premium attributable to hurricanes.

Based on your insurance score, the non-hurricane portion of your premium may go up or down based upon a factor set forth in our rating plan approved by state regulators. Policyholders with better-than-average insurance scores will see reductions in the non-hurricane portions of their premiums. Policyholders with below average insurance scores will see increases in their non-hurricane premiums.

If you request that insurance scoring be applied to your rate and your rate results in an increase, you will have the opportunity for us to apply it or not.

No, inquiries for the purpose of obtaining information to develop the insurance score do not affect your credit rating or credit score.

An insurance score is a credit-based statistical analysis of a consumer’s likelihood of filing an insurance claim within a given period of time in the future.

A credit score is a credit-based statistical analysis of a consumer’s likelihood of repaying a loan or debt (such as a mortgage, auto loan, credit card debt, or other obligation).

While both types of scores take credit information into account, the actual numerical scores will differ. The scores cannot be compared because they are developed for different purposes.

Like some other Florida insurance providers, People’s Trust offers a policy effective 4/15/16 that automatically excludes water damage coverage when the home is more than 40 years old. While this exclusion is required for all homes older than 40 years, it will also result in a significant savings on your premium. You also have the ability to “buy back” a limited amount of water damage coverage. The Limited Water Damage Buy-Back Coverage is completely optional and provides $10,000 in coverage.

Yes, no matter what age your home is, you can choose to exclude water damage coverage from your HO3 policy, which will result in a significant savings on your premium.

The following factors can affect your homeowner’s insurance premium:

• Home Features and Characteristics — Your home’s age, type of structure, roof age, construction type, etc., can affect your homeowner’s insurance premium. These factors all help determine the risk of your home and the rate for insurance.

   

• Windstorm Mitigation Features — Homeowners can often receive substantial credits for outfitting their home with windstorm mitigation features that can withstand and resist high winds.

   

• Location — Where your home is located can change your homeowners insurance premium. For example, your home insurance rate can be affected if your home is in close proximity to a fire station; or if your home is near an open body of water making it more exposed in the event of extreme weather.

   

• Protective Devices — Burglar alarm systems, smoke detectors, fire extinguishers, and sprinkler systems can affect your homeowners insurance premium.

   

• Claims History — If you have a history of claims, you may pay a higher premium or your insurance company may cancel or not renew your policy.

   

• Occupancy Type — Primary, Secondary/Seasonal

   

• Coverage Amounts and Deductibles — Personal Property, Other Structures, etc. The lower your deductible, the higher your premium.

   

• Endorsements — Water Exclusion, Limited Water Buy-Back Coverage, Water Back-Up and Sump Overflow Coverage, Personal Property Replacement Cost, etc.

Rate increases and decreases will vary at the time of renewal. We recommend that once you receive your renewal and review your new premium, you call us or your Authorized Independent Insurance Agent to discuss your coverage options and determine if there are some ways to customize your policy to help lower your premium. 

A flood is an overflow of water from a lake, river or other body of water or may be the result of storm surge or rising water from excessive rain. Flood damage is typically not covered under home insurance, so you must buy a separate flood insurance policy to be covered.

Note: Gushing water from a broken pipe is not considered a flood.

No, there is no coverage for any personal property that is used for business purposes, nor is there coverage for any business-related activities.

Yes, in every homeowner’s policy there are stated value limitations for specific items. For example, there is a $1,000 limit for loss by theft of jewelry, watches, furs, precious and semi-precious stones. Additional coverage may be available, please speak with our Sales Representative or Independent Agent to discuss your specific needs.

The standard homeowners policy includes coverage for your personal property at Actual Cash Value that factors in depreciation at the time of loss. If you select the Personal Property Replacement Cost coverage endorsement, for an additional premium, we will settle losses to your specific personal property at the current replacement cost without considering depreciation.

The Personal Property Replacement Cost endorsement also provides replacement cost for several building items that would otherwise be limited to Actual Cash Value. This includes: furnishings, carpeting, household appliances and other personal belongings.

Ordinance or Law Coverage provides coverage for loss or damage caused directly or indirectly by the “enforcement of any ordinance or law: regulating the construction, use or repair of any property; or requiring the tearing down of any property, including the cost of removing its debris.”

Should your home be extensively damaged by a covered peril, you may be required to bring parts of your home up to the current building codes. Our policy provides 25 percent of Dwelling Coverage A for Ordinance or Law Coverage at no additional charge with an option, for an additional premium, for coverage up to 50 percent of Dwelling Coverage A.

Yes, this affordable coverage option provides coverage for loss or damage to mechanical and electrical equipment, such as computers and appliances, caused by artificially generated electric current or mechanical failure.  Additionally, this endorsement provides coverage for food spoilage. This coverage can be added to your policy for $50 a year.

Yes, many homeowners do not realize that they are responsible for the utility lines such as gas, water, and electric that come into their home and are buried on their property.  This important coverage will provide coverage for loss or damage to underground utility lines resulting from a disruption caused by mechanical breakdown, artificially generated electric current, wear and tear, marring, deterioration, hidden decay, rust, corrosion, freezing, or weight of equipment, animals or people.

The amount of an assessment varies depending on the outstanding claims that need to be covered. FIGA levied a 0.7% assessment in 2021 and a 1.3% assessment to date in 2022.

You are only billed once for each assessment issued by FIGA, but, there may be more than one assessment a year. Assessments are collected at the time of renewal.

You can visit FIGA FACTS to get more information about the 2022 Assessment.

An additional insured is a person that enjoys the benefits of being insured under an insurance policy, in addition to whoever originally purchased the insurance policy. They must have an insurable interest, and often do not live in the home. It applies where the original named insured person needs to provide insurance coverage to additional individual(s). These individuals may have their interests covered under the policy contract by endorsement, if qualified.

A co-applicant is an individual(s) who is listed on the title to the property to be insured, and who also permanently resides at the location. These individuals may have their interests covered under the policy contact by endorsement, if qualified.

A deductible is the amount of the loss that you take responsibility for as a policyholder.

Depreciation is a decrease in an insured item’s value due to age and deterioration. For example, a 4-year-old computer will be worth less than what it cost new.

An endorsement is a modification to the basic policy contract. Some endorsements are amendments to the policy contract and others are optional to personalize a policy, usually for an additional premium.

Exclusions are conditions that are not covered by the insurance policy contract.

A home inventory is a record of your personal possessions in your home. This could include written information, photos or a videotape of your belongings. We recommend you maintain a complete inventory of your household contents in a safe, secure place – and regularly update it.

A hurricane deductible is the amount of the loss – in this case, caused by a qualifying hurricane event – that you take responsibility for as a policyholder. People’s Trust offers a wide range of options compared to most other Florida carriers. Higher deductibles (for example, 5 percent or 10 percent) may be available and may result in an overall premium reduction.

Named perils are the specific perils, or the cause of loss, that are covered under the insurance policy.

Replacement cost is the amount needed to replace damaged property without deducting for depreciation. This amount is limited by the dollar amount stated on the declarations page of the policy or as otherwise stated in the policy.

An assignment of benefits (AOB) is a legal tool that allows a third party to be paid for services performed for an insured homeowner who would normally be reimbursed by the insurance company directly after making a claim.

Learn more about Assignment of Benefits and how it results in increased insurance premiums, increased claims resolution time frames and increased litigation.