People's Trust Insurance

People's Trust is pleased to receive such a positive response but . . . we are unable to identify this policyholder. Please provide an insured address so that we may review the file and provide an appropriate response. Thank you -

People's Trust advises there are multiple factors applied to arrive at the total premium for an HO-3 homeowners insurance policy. Many credits are issued that are a percentage of other factors, so that while a certain factor may increase, it is offset by an increase in other credits issued on the policy. 1. Inflation Factor: This factor has been an Office of Insurance Regulation [OIR] approved rule since inception of this insurer in March 2008. "The Coverage A-dwelling value . . . will be increased annually at renewal by the inflation guard." [Inflation Guard Factor = 1.03] Cov A in the 2016 term was $216,644 and has increased to $223,143 for the 2017 renewal. 2. Age of Home: As dwellings age, the age of home surcharge increases. The 2016 term included a surcharge in the amount of $209 for all other perils [AOP] and $131 for hurricane. For the 2017 renewal, this surcharge was restructured and is now $195 for AOP and $161 for hurricane. (OIR filing XX-XXXXX, approved 2/10/15). 3. Rate Increase: Application of a rate change resulted in an increase in premium in the amount due for the 2017 renewal (OIR filing #XX-XXXXX, approved 11/17/16). The total of each of these OIR filed and approved changes resulted in an increase in total premium due over the 2016 term in the amount of $713. PTI presents the following chart for a clear review of the coverages and charges over three [3] terms of coverage. RENEWAL Cov A Deductible Age of Age of Home Preferred Wind Protection Total Net TERM Dwelling Adjustment Home AOP Hurricane Contractor Mitigation Class Premium 02 6/06/15-16 $210,334 $399 $284 <$167> <$2,927> $0 $3,281 03 6/06/16-17 $216,644 $479 $209 $131 <$181> <$3,504> <$1,332> $3,551 04 6/06/17-18 $223,143 $586 $195 $161 <$220> <$4,288> <$1,743> $4,264 PREMIUM CHANGE = + $713 People's Trust would like this customer to understand that claims history, or lack of it, does not affect the premium charged for coverage with this insurer. Rather, a history of two [2] or more non-weather related claims will result in total denial of insurance coverage. Compliant practices were applied to the management and service of the insured's policy.

Upon investigation of the subject policy and a telephone conversation with Mrs. ****** this date, it has been determined that the insureds were former policyholders prior to the current policy. When the insureds received their 2017 renewal, it appears they compared their policy of years ago to the current renewal. The actual increase on the current policy is $111 over the previous term, not a significant increase. Further, the insureds had moved and the current People's Trust insured dwelling is different from the property previously insured. People's Trust has generated an updated Declarations Page correcting the insured and mailing address and a full policy package mailed to the insureds. Mrs. ****** apologized for the posting which was due to her comparing the current coverage to the old policy on her previous dwelling.