Backdated homeowners Insurance Policy?
The homeowners insurance on my home expired and i was unaware. The company admit that they cannot verify they sent me anything to let me know that I had a bill due or that my insurance be unpaid. My mortgage company now tells me 4 months subsequently that they have been tallying monthly installments of an $8k per year policy to my mortgage. I have no claims or damage or anything, but im told that if I can win a backdated policy so that i would not have a break in coverage afterwards they would remove the charges. Does anyone have any suggestions?
Answers:
Get a new agent. Your agent should own picked up the phone and called you when your policy lapsed to see if you intended for it to.
Yes. Talk to your agent, and see if there's a way they can collaborate the underwriter into reinstating or backdating the policy. You'll have to offer them a "no loss" reminder - certifying that there will be NO claims put surrounded by during that period of lapse. You'll ALSO have to payment the premium. If it were me, I'd volunteer to be "downrated" for the next 3 years, if they do it, and volunteer to hold the renewal premiums electronically withdrawn from your bank account, so they are never unsettled.
My guess is, you won't find a carrier willing to backdate farther than 30 days, and beside a no loss letter. But hey, it's the insurance company that's taking the risk, so you'll have to name in EVERY insurance favor you can from your agent.
If there have been a payment issue beside your policy in the past (late payments or reversal notices) there is no way they're going to do this. The policy will own to be re-underwritten from scratch, and you'll have to work out a pay schedule with the mortgage company, for the auxiliary $3K. Source(s): agent, 21+ years
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Answers:
Get a new agent. Your agent should own picked up the phone and called you when your policy lapsed to see if you intended for it to.
Yes. Talk to your agent, and see if there's a way they can collaborate the underwriter into reinstating or backdating the policy. You'll have to offer them a "no loss" reminder - certifying that there will be NO claims put surrounded by during that period of lapse. You'll ALSO have to payment the premium. If it were me, I'd volunteer to be "downrated" for the next 3 years, if they do it, and volunteer to hold the renewal premiums electronically withdrawn from your bank account, so they are never unsettled.
My guess is, you won't find a carrier willing to backdate farther than 30 days, and beside a no loss letter. But hey, it's the insurance company that's taking the risk, so you'll have to name in EVERY insurance favor you can from your agent.
If there have been a payment issue beside your policy in the past (late payments or reversal notices) there is no way they're going to do this. The policy will own to be re-underwritten from scratch, and you'll have to work out a pay schedule with the mortgage company, for the auxiliary $3K. Source(s): agent, 21+ years
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