I just found out that our dwelling coverage constrict of liability should be for about $135,000 but our policy have been for $259,000 for the ultimate three years. The difference in premium is in the region of half. Can I seize a refund for the concluding few years we were "overcharged"? We've have the same agent the intact time and she found this mistake when we went to renew and I have a question nearly something else on the policy. In Florida.
Answers: Sorry, no refunds. You could other try, but it's not likely.
It's unlikely they will return you, but you can always try. There's usually a aim that your dwelling coverage is higher than the actual replacement cost of the home. Sometimes, the mortgage companies insist on the dwelling coverage equivalent the loan amount whether or not it's considerable more than the actual replacement cost. No, you can't. Only for the current term, and plausible the insurance company won't backdate the endorsement more than 60 days.
But why exactly do you have an idea that that the dwelling "should" be $135,000? That's a MASSIVE difference. I hope you - or your agent - aren't confusing the market pro with the insurance significance (which is cost to rebuild).
No,
You can not get a compensation. You were insured for 259,000 and rewarded premium for that. Had you experienced a loss, they would have compensated up to the coverage limit of 259,000. Therefore, they rendered the service you compensated for.
However, you can speak to your agent about reducing your coverage control and your future premiums.
Did you enjoy an ANNUAL policy, or, was it a "three year policy"?? If it be an ANNUAL policy you probably don't have a leg to stand on. Both YOU and YOUR AGENT should hold caught the overage and done something about it.
Once the policy is issued and you standard it as written, an insurance company won't go wager on and give you your money hindmost AFTER the term have passed...
Just look at the bright side..had your house be destroyed by one of the many hurricanes that own gone thru FL, you would have nil but praises to sing for your agent.
You should sit down regularly with your agent to discuss things approaching this - what about your sports car insurance??
Good luck and I hope this helps!
Answers: Sorry, no refunds. You could other try, but it's not likely.
It's unlikely they will return you, but you can always try. There's usually a aim that your dwelling coverage is higher than the actual replacement cost of the home. Sometimes, the mortgage companies insist on the dwelling coverage equivalent the loan amount whether or not it's considerable more than the actual replacement cost. No, you can't. Only for the current term, and plausible the insurance company won't backdate the endorsement more than 60 days.
But why exactly do you have an idea that that the dwelling "should" be $135,000? That's a MASSIVE difference. I hope you - or your agent - aren't confusing the market pro with the insurance significance (which is cost to rebuild).
No,
You can not get a compensation. You were insured for 259,000 and rewarded premium for that. Had you experienced a loss, they would have compensated up to the coverage limit of 259,000. Therefore, they rendered the service you compensated for.
However, you can speak to your agent about reducing your coverage control and your future premiums.
Did you enjoy an ANNUAL policy, or, was it a "three year policy"?? If it be an ANNUAL policy you probably don't have a leg to stand on. Both YOU and YOUR AGENT should hold caught the overage and done something about it.
Once the policy is issued and you standard it as written, an insurance company won't go wager on and give you your money hindmost AFTER the term have passed...
Just look at the bright side..had your house be destroyed by one of the many hurricanes that own gone thru FL, you would have nil but praises to sing for your agent.
You should sit down regularly with your agent to discuss things approaching this - what about your sports car insurance??
Good luck and I hope this helps!