Jane Dotson
People's Trust Insurance Company is an American home insurance company located in Deerfield Beach, Florida. As of 2017, it was the eleventh-largest homeowners insurance company in the state, with over 110,000 policyholders. However, in 2023, the company announced that it would pause writing new business and no longer accept new quotes. There have also been reports of financial difficulties and policy cancellations, leading some to question the company's stability. With People's Trust Insurance Company's recent decisions and the speculation surrounding its financial health, the question arises: Is the company going out of business?
| Characteristics | Values |
|---|---|
| Company Status | People's Trust Insurance Company is an American home insurance company located in Deerfield Beach, Florida. |
| Company Size | As of 2017, People's Trust Insurance was the eleventh-largest homeowners insurance company in Florida, with more than 110,000 policyholders. The company has over 350 employees, with 300 in Deerfield Beach. |
| Financial Stability | Demotech, an independent financial analysis firm, assigned People's Trust Insurance a Financial Stability Rating of "A", Exceptional. However, there have been reports of the company facing financial difficulties and being unable to pay for certain claims. |
| Business Operations | People's Trust Insurance has been recognised for its innovative business design and was awarded the Governor's Innovators in Business Award in 2013. However, the company has faced criticism for cancelling policies and dumping thousands of policyholders before the hurricane season. |
| Customer Service | People's Trust Insurance offers competitive home insurance rates and simplifies the recovery process for its customers in the event of a claim. |
| Community Engagement | The company has demonstrated a commitment to corporate social responsibility by supporting educational initiatives and partnering with local organisations. |
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What You'll Learn
- People's Trust Insurance Company is not going out of business
- The company was the second-fastest-growing company in South Florida from 2012 to 2014
- People's Trust Insurance has over 100,000 policyholders and 350 employees
- The company has been criticised for cancelling policies prior to hurricane season
- People's Trust Insurance has been recognised for its financial stability
People's Trust Insurance Company is not going out of business
Peoples Trust Insurance Company is not going out of business. However, the company has faced some challenges and controversies in recent years. In 2023, the company announced that it would pause writing new business and no longer accept new quotes. This decision was made to focus on their existing partnerships and navigate a difficult period in the insurance market. Peoples Trust Insurance has also been criticised for cancelling policies, particularly in Broward County, Palm Beach County, and Miami-Dade County, which left homeowners unprotected during hurricane season.
Despite these setbacks, Peoples Trust Insurance Company remains a prominent home insurance provider in Florida. As of 2017, it was the eleventh-largest homeowners insurance company in the state, with over 110,000 policyholders. The company has received recognition for its innovative business design, receiving the Governor's Innovators in Business Award in 2013. Peoples Trust Insurance has also demonstrated a commitment to corporate social responsibility through significant donations to educational initiatives and community programs.
The company's financial stability has been a topic of discussion, with some sources indicating financial difficulties in paying claims. However, an independent financial analysis firm, Demotech, assigned Peoples Trust Insurance a Financial Stability Rating of "A", indicating exceptional stability. Peoples Trust Insurance continues to serve its customers, offering competitive home insurance rates and emphasising overall preparedness and everyday readiness.
While there have been no recent public statements regarding plans to close or cease operations, it is important to stay updated with official communications from the company. As of now, Peoples Trust Insurance Company is not going out of business and continues to be a significant presence in the Florida homeowners insurance market.
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The company was the second-fastest-growing company in South Florida from 2012 to 2014
People's Trust Insurance Company is an American home insurance company located in Deerfield Beach, Florida. The company was co-founded by George Schaeffer and Michael Gold in 2008. Between 2012 and 2014, it was the second-fastest-growing company in South Florida. This rapid growth was recognised by the South Florida Business Journal. By 2017, the company had become the eleventh-largest homeowners insurance company in the state, with over 110,000 policyholders across Florida. This growth can be attributed to the company's innovative business design, for which it received the Governor's Innovators in Business Award in 2013. This award recognises Florida companies that have positively impacted the state's economic growth and diversification.
People's Trust Insurance's success and growth can also be attributed to its strong financial reserves and competitive home insurance rates. The company has invested in overall preparedness and everyday readiness, allowing it to pass savings on to its customers. This financial stability is reflected in its Financial Stability Rating of "A", Exceptional, assigned by the independent financial analysis firm Demotech.
However, despite its initial success, People's Trust Insurance has faced some challenges and criticism. In 2014, the company's founder, Michael Gold, passed away, leading to a shift in the company's geographic focus and the cancellation of policies in certain counties. This decision left homeowners vulnerable, particularly during hurricane season. The company has also faced accusations of being untrustworthy, with allegations of dumping policyholders and failing to honour claims.
In April 2023, People's Trust Insurance announced that it would pause writing new business and would no longer accept new quotes. While the company does not explicitly state that it is going out of business, this announcement indicates a scaling back of operations. People's Trust Insurance has also faced financial difficulties, as evidenced by its inability to pay for a customer's roof replacement, instead offering to settle the claim. Despite these challenges, the company remains operational and continues to serve its existing customers.
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People's Trust Insurance has over 100,000 policyholders and 350 employees
People's Trust Insurance is an American home insurance company located in Deerfield Beach, Florida. As of 2017, the company had over 100,000 policyholders and 350 employees, with 300 of those employees based in Deerfield Beach. People's Trust Insurance was co-founded in 2008 by George Schaeffer and Michael Gold, who passed away in 2014. The company was the second-fastest-growing company in South Florida from 2012 to 2014 and was recognised with the Governor's Innovators in Business Award in 2013.
People's Trust Insurance has been praised for its innovative business design and strong financial reserves. The company has also demonstrated a commitment to corporate social responsibility through various initiatives. For example, in 2024, CEO George Schaeffer donated $50,000 to the Broward Sheriff's Office and gifted laptops to children of employees. Additionally, People's Trust Insurance has contributed to educational causes, such as donating $1.25 million to Step Up For Students to fund scholarships for the 2023-24 school year.
However, People's Trust Insurance has also faced criticism and legal issues. In 2013, an appellate court upheld a jury award of $766,258.06 to a Florida policyholder whose home was destroyed by a fire and was denied coverage by the company. There have also been reports of the company dumping policyholders and cancelling policies prior to hurricane season, leaving homeowners unprotected. In April 2023, People's Trust Insurance announced that it would pause writing new business and would no longer accept new quotes, indicating possible financial difficulties.
Despite these challenges, People's Trust Insurance remains a significant player in the Florida homeowners insurance market, with a large number of policyholders and employees. The company's financial stability and ability to recover from damage or disaster have been highlighted, along with its competitive home insurance rates in Florida.
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The company has been criticised for cancelling policies prior to hurricane season
People's Trust Insurance Company has faced criticism and disappointment from the public and media outlets for cancelling policies prior to hurricane season. The company's decision to drop coverage left many property owners unprotected during the hurricane season, a time when they are most vulnerable and in need of insurance.
The cancellations seemed to primarily affect homes located in Broward County, Palm Beach County, and Miami-Dade County. Notably, many of the cancelled policies had been purchased less than ninety days prior, placing homeowners in a challenging situation. According to the Palm Beach Post, People's Trust Insurance failed to provide a specific reason for the cancellations, as required by Florida law. This lack of transparency further fuelled criticism and concerns about the company's practices.
People's Trust Insurance had previously been recognised for its innovative business design and received the Governor's Innovators in Business Award in 2013. However, the decision to cancel policies prior to hurricane season raised questions about the implementation of the company's vision and its commitment to its customers.
It is worth noting that the company has faced other controversies, such as denying coverage to a Florida policyholder who lost his home in a fire, citing material misrepresentations on the insurance application. This resulted in a jury awarding the policyholder significant damages. While People's Trust Insurance has demonstrated financial stability with an "A" rating for financial stability, these instances of policy cancellations and disputes have drawn scrutiny and criticism from the public and media outlets.
Overall, the decision to cancel policies prior to hurricane season has been a significant point of criticism for People's Trust Insurance. The company's actions left customers vulnerable during a critical time and raised concerns about their commitment to providing reliable coverage when it is needed most.
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People's Trust Insurance has been recognised for its financial stability
People's Trust Insurance Company is an American home insurance company based in Deerfield Beach, Florida. As of 2017, it was the eleventh-largest homeowners insurance company in the state, with over 110,000 policyholders. The company was co-founded by George Schaeffer and Michael Gold in 2008 and has experienced significant growth since then.
Furthermore, People's Trust Insurance has received a Financial Stability Rating of "A", Exceptional, from Demotech, an independent financial analysis firm. This rating reflects the company's strong financial position and its ability to honour its insurance commitments.
The company's financial stability is also evident in its ability to provide competitive home insurance rates in Florida. By investing in overall preparedness and everyday readiness, People's Trust Insurance can pass on savings to its customers, offering some of the most competitive rates in the state. This financial stability ensures that customers can rely on the company's financial backing and support in the event of a claim.
In addition to its financial stability, People's Trust Insurance has demonstrated its commitment to corporate social responsibility. The company has made significant contributions to educational initiatives, such as donating $1.25 million to Step Up For Students to fund scholarships. Additionally, People's Trust Insurance has sponsored Florida Atlantic University's Women in Executive Leadership (WEL) program, showcasing its support for business training and diversity. These initiatives reflect the company's dedication to giving back to its community and investing in the future.
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Frequently asked questions
No, but as of April 27th, 2023, they have paused writing new business and are no longer accepting new quotes.
People's Trust Insurance has faced criticism for cancelling policies in Broward County, Palm Beach County, and Miami-Dade County, and for dumping thousands of policyholders before the start of hurricane season. They have also faced financial difficulties, which have impacted their ability to pay out claims.
People's Trust Insurance was awarded an "A", Exceptional, Financial Stability Rating by independent financial analysis firm Demotech. However, they have faced financial difficulties, which have impacted their ability to pay out claims.
People's Trust Insurance received the Governor’s Innovators in Business Award in 2013. They have also been recognised for their corporate responsibility and support for education. However, they have faced criticism for their treatment of policyholders and their inability to pay out claims.
People's Trust Insurance was co-founded by George Schaeffer and Michael Gold in 2008. In 2017, it was the eleventh-largest homeowners insurance company in Florida, with more than 110,000 policyholders. Michael Gold passed away in 2014, and Mitch Politzer, President and COO, retired in 2015.
