Ideal Insurance Reviews (%countItem)
Ideal Insurance Rating
Address: 7910 N Tamiami Trl STE 216, Sarasota, Florida, United States, 34243-1958
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I live in a condo complex where Ideal Insurance Inc supplies the master flood policy. When my mortgage company, another insurance agent, and the association management company requested the documentation for my mortgage in June/July 2019, Ideal refused to provide information. It was later learned that Ideal, and specifically Vincent P., a worker for Ideal, had underfunded all the residents without their knowledge and it forced me to have to pay an extra $518.00 for supplemental flood insurance. The master flood policy expired on 2/10/20 and according to the president of my HOA association, the underfunding has been corrected. I also now serve on the HOA board. My mortgage company again requested the new master flood policy information and again Vincent refused to comply and actually hung up the phone on me when I requested this information. He never provided the policy to the HOA, the HOA management company, or the mortgage company. Ideal also refused to provide me with this information and advised it would have to come through Vincent. I have emails that show Vincent's hostile and argumentative attitude. When I explained to Vincent that after working in the law enforcement field for 15 years, when a subject refuses to provide lawful documentation, and is so argumentative and uncooperative with all parties, it is usually because they are hiding something and my concern is that I will again be underfunded. He then accused me of abusing my power.
Product_Or_Service: Master Flood Insurance
Account_Number: FLAXXXXX
Other (requires explanation) I would like other potential customers to know how this company operates and if there is anything illegal or underhanded going on I would like them investigated. I just don't know who to contact for that because insurance law and insurance guidelines is not something a local police department would look into. If I could just get some guidance on where else to go that would help.
Contact Name and Title: Vince P., Risk Manager
Contact Phone: (XXX)XXX-XXXX
Contact Email: ***@idealinsinc.com
I have been in the insurance industry for over 40 years & in the State of FL since 1985.Ihave never had ANY complaint filed against me with any State Ins Dept including FL,Revdex.com,any Ins Carrier or other Ins institutions. Ideal Ins.has provided all & any requested documents in which the requested is privy to. The initial policy written through Ideal Ins. on 02/10/2018 had the same limits of building property coverage as was provided by the previous agency/carrier. The accusation of "underfunding" the coverage limits is not true. The most recent Commercial Residential Valuation was provided to us on 08/30/2019 from the Condo Assn Property Manager. The replacement value of said building went from $257,000 to $264,526. When I offered to increase the limits to the President & Property Mgr.. I was instructed to make the change on the forthcoming renewal of 02/10/2020 which was done. I cannot make coverage changes to a policy without the consent from the proper authority. The most contested issue requested by the complainant's lender was providing the Commercial Residential Building(s)Valuation which was performed by a Certified Home Inspector and professional Engineer and is required to be provided every 3 years by the Condo Assn. This Valuation is the proprietary property of the Association. I was in no position to provide this document to the lender and suggested she request it from the Condo Assn. I did offer to review the lender's appraisal valuation to see if it consisted of viable information exempt of land value, location, amenities and prior comparable sales which is often part of a lender's appraisal and is not an insurance valuation. I would have taken the parts that where building construction related and see if it could be used to adjust the building coverage limit with the approval of the Assn Board of Directors and Manager. I never received the lender's building valuation. We did provide Certificates/Evidence of Insurance to the lender listing them as mortgagee and copied the complainant. Master Policies never are used to list mortgagees or lienholders. It is standard in the industry for the Ins.Agency to provide Certificates/Evidence of Insurance for lenders, mortgagees, lienholders & unit owners. When the complainant requested the Master Policy, I immediately sought verification of her position on the Board of Directors. When verified, I immediately emailed the complainant a copy of the Master Policy. This entire process took approximately 1 hour. Initially, Instead of working with me , the lender may have discredited my position as it would be easier to force additional insurance on the complainant. This is the only explanation I can assume which caused the complainant to develop this ill-conceived notion of my character. The unwarranted attack on me began with our first phone conversation as she introduced herself with the following statement, " you should know I am in law enforcement". I did find it difficult to explain the insurance industry process and my position while I was being interrogated by her. I have a job to do and I do it properly. Why would I not want to properly present the Condo Association and it's Management a viable reason to increase building coverage? It would have a financial benefit to Ideal Ins. Inc. if it was approved. Now the complainant has resorted to a vindictive, slanderous, distorted and untruthful presentation of me in this complaint.(see chronological attachment)
(The consumer indicated he/she DID NOT accept the response from the business.)
The above statement provided is not true. The other residents, including the president of the association, had no idea ALL of the units were underfunded. They were shocked when I advised them I had to pay an extra $518.00. Flood insurance is suppose to be covered in our HOA dues. When the president approached Vince, he explained such and asked to have the right coverage. Vince told him he could NOT get more coverage right now because it was the middle of hurricane season and insurance companies wouldn't do it until after. The president was forced to wait until after hurricane season to get the full coverage needed. Had there been a problem during hurricane season, ALL the condo residents would not have been fully covered. In his own words, Vince stated in his above statement, "I was in no position to provide this document to the lender and suggested she request it from the Condo Assn. " From what the lender and other insurance agents told me, "These documents aren't secret documents. He is flat out refusing to provide these documents. When an insurance company refuses to hand over these documents, it's usually because they don't have the proper coverage and the residents are probably underfunded". They also advised their companies require them to keep these documents on file. They explained for Ideal to provide insurance, they had to have the requested documents when they originally insured these condos. In his own statements, Vince advises he got "The initial policy written through Ideal Ins. on 02/10/2018 had the same limits of building property coverage as was provided by the previous agency/carrier. The accusation of "underfunding" the coverage limits is not true. The most recent Commercial Residential Valuation was provided to us on 08/30/2019 from the Condo Assn Property Manager." So he had to have copies of the documents requested back on 2/10/2018?? But then he says the most recent was provided to him on 8/30/2019 (coincidentally after I bought my condo in July). So did he ever actually have any valuation certificate and just make up his own numbers which then left the residents not knowingly underfunded? I understand that the association company would be responsible for having this valuation done, but did Vince and Ideal ever even check for this document? The now president of the association has not seen or been provided any valuation certificate for the time span in 2018 when this document was requested. Was there even a current 3 year certificate when I bought my condo??? Again in Vince's own words he states "It is standard in the industry for the Ins.Agency to provide Certificates/Evidence of Insurance for lenders, mortgagees, lienholders & unit owners." so why did he refuse to provide this when my lender asked for it back in 2018?? He also says unit owners in that statement. Yet when I just recently asked for it, both he and his company refused saying I only own part of a building and that I had to be on the board to get this information. When I told him I was on the board, that is when he hung up on me. If ALL unit owners are to have this information, it needs to be provided. I am out that $518.00 due to underfunding. I can not get any of that money back even with the president having Ideal fix their mistakes. The residents trusted this company and luckily nothing happened to them. But again, who holds these insurance companies accountable for all this especially when most citizens have no idea about insurance policies and procedures.
After review and gathering of pertinent documentation. I have attached correspondence which exhibits and solidifies my proper actions as they relate to this issue. They also reflect the complainants. Keep in mind the Condo Assn. has had several Management Companies and contacts along with presiding Presidents and the complainant 2 mortgage lenders. Although it has made this process more difficult it did not alter the proper decisions and actions I made through this process. In my first response I provided documentation showing the prompt and proper response to the 2nd lender's request with no indication from the lender of any missing information required by them to provide the mortgage. I have now located correspondence between me and the loan processor of the first mortgage information request which I have attached. The dates of the corresponding emails between the lender's loan processor and me run from 06/21/2019 to 06/24/2019. After securing permission from the Assn Management contact, Lissette, I submitted the said property's Master Property and Flood policies. The Master Policies are lengthy and I had to direct the processor to the page of the flood policy that defines the building coverage was governed on a replacement cost basis clause a After directing her to the replacement cost clause in the policy, I NEVER received ANY further requests, questions and/or concerns back from the loan processor or any other person from this Mortgage Co. In fact there was a no-coinsurance requirement clause in the contract which prohibited any co-insurance penalty placed on the Assn.. This was an improvement from the incumbent's(prior insurance agent)renewal policy quote. This follows typical protocol as lenders are directed by the Florida Department of Financial Services to accept the limits of coverage set forth by the insurer or agent of as long as the limits are governed by a replacement cost clause. As far as Property Valuations, they are the responsibility of the Assn to obtain every three years and provide it to the incumbent agent. When I was asked to shop for better policies by our Agency Owner it was based on the incumbent's renewal policy offer for the policy period starting 02/10/2018. I never was given an updated Property Valuation until August 30,2019. I meet with the new President of the Association in early October and agreed to shop the flood policy for the 02/10/2020 renewal reflecting the updated Valuation of $264,526. I was able to increase the coverage at a lower premium with a replacement clause. I have been advised that the Association is very pleased with the results. I was willing to work with the complainant in late August when I was first advised of her issues with her originally lender. I emailed her a request to provide the lender's valuation in an email to her that was downloaded to Revdex.com with my last response. I never received the lender's valuation or a response from the complainant. The next and last time until this complaint that I heard from the complainant was on 02/25/2020 which she claims I hung up on her which I did not as she indicated she was on the job and requested the renewal Master Policies as she was a board member. The phone went dead so I thought she had to go quickly since she had indicated numerous times that she was a police officer. Evidentially if she thought I hung up on her maybe she had called me on a cell phone and the call was dropped. A logical explanation one would think unless the person had developed preconceived but wrongful conclusions of me. I within an hour confirmed her position on the Assn. Board of Directors and emailed her the requested Master Policies that had very recently been processed and mailed to me from the carrier. It was a 02/10/2020 renewal and it does take time for processing and distribution. The claimant obviously has some issues. As it turns out she is a School Resource Officer, although she had been a police officer in a City North of us. What happened? I am not going to go any further, but it does speak to her character and what she is capable of in disparaging people. She obviously has not learned a lesson from the past and if this wrongfully continues the next level will be litigation. I have had an impeccable professional record and I will not lay down to this unwarranted act to discredit me. It's not right! Maybe she should go after the lender who forced placed insurance without offering any coordination of a valuation that was indirectly paid for by the claimant and for which the claimant had the right to. Another download will follow when provided.
Document Attached***
My last rebuttal to the complainant was completed quickly do to time constraints and not proof read. Attached is the corrected version.