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 Posted: Thu Mar 05, 2009 3:52 pm Post subject: insurance feedback.. |
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hi every one your feedback about this case is highly appreciated.. i just bought a 2 unit multifamily last 2008 dec.. now after 2 months my insurance company refunded my one year insurance,, and informing i was denied.. what should be my 1st step or steps how to handle this..
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rouke 1
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| Posted: Thu Mar 05, 2009 5:57 pm Post subject: |
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| Quote: | | after 2 months my insurance company refunded my one year insurance |
i need to confirm from you that whether you have the policy docs or not? if they have issued you the policy docs then surely you can file a complaint with state department of insurance.i am not aware about your state so here i am giving you the link which is for Ohio state. http://www.ohioinsurance.gov/ConsumServ/ocs/HowtoComplain.pdf
you can find the official site of the state where you are living currently and lodge a complaint against insurance company. 
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amit
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| Posted: Fri Mar 06, 2009 9:41 am Post subject: |
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| Hi rouke, if I've been you I'd have demanded the reason for terminating the coverage form the insurer in writing. Have they told you why they have suddenly decided not to continue the policy? |
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simon
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| Posted: Fri Mar 06, 2009 9:53 am Post subject: |
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Well, the insurer can’t act on their whims while declining a policy. They need to cite proper reason for their decision. The following reasons can only lead to such decision.
- Material misrepresentation of facts from the policy holder
- Non payment of premium
- Any physical change in the property that has made it uninsurable by the insurer
- Negligence on the part of the insured to prevent risks
Thanks,
Rupert |
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RupertWBradson
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| Posted: Fri Mar 06, 2009 10:19 am Post subject: |
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You need to contact insurance company for the same purpose. its always better to know the things on which insurance company may deney your policies.
I would advise you to contact the insurance company with full set of original documents so as to proceed faster. |
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kingston
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| Posted: Fri Mar 06, 2009 10:30 am Post subject: |
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hi,
first step, u need to ask the company "what was the problem in your 2nd policy?, if they don't give any answer, pls contact the head office or file a written complent to your nearest Consumer forum against the insurance co. |
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sensex007
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| Posted: Fri Mar 06, 2009 3:18 pm Post subject: |
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Rouke,
The other posters are correct that you need to ask for the reason for cancellation. Most of the time they will include it in their letter of cancellation. (Some states require them to include it.) If it is not included, you can call your agent and ask the question.
In most cases, the company has 60 days to review the policy in underwriting and decide whether they want to stay on the policy. This is called the underwriting review period or the "free look" period. The company can cancel for any reason during that period by giving you written notice in advance (usually 10 or 15 days). (The rules vary by state.) They cancel it during this period because it does not meet the underwriting guidelines. It is possible that the reason for cancellation can be corrected, however, and then you can continue your coverage. If not, then you will have to go to another company for coverage.
For example, sometimes when the inspector goes out to look at the house, he sees a couple of broken windows and it does not appear that anybody is living in the house. If this is outside their guidelines (and it usually is), then they cancel the policy. However, if you repair the windows and show that it is now occupied (because your tenants moved in within a couple of weeks after the closing), then they might reinstate the policy.
Cancellation during the free look period is much more liberal than after the free look period is over. After the free look period, there are only a handful of valid reasons (see Rupert's post), and they have to give you more advance notice.
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ChristyP
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| Posted: Fri Mar 06, 2009 4:09 pm Post subject: |
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| Quote: | | now after 2 months my insurance company refunded my one year insurance,, and informing i was denied.. what should be my 1st step or steps how to handle this.. |
I would assume the reason was in the letter of cancelation? What was the reason? Please let us know that then we can help/advise you...but we REALLY need to know the reason first....just guess but is one side empty?
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Lori
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| Posted: Sun Mar 08, 2009 5:16 pm Post subject: |
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| Quote: | just guess but is one side empty?
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Nice phrase lorry.Most of the time what community members (including me) do is " beating around the bushes" as a matter of fact when the exact question is not understood due to poor fund of information given by the original poster.
But i am not sure what we can do in this regard.>>. we can just request the original poster to elaborate on the subject matter that's it.Nothing special we can do....
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amit
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| Posted: Sun Mar 22, 2009 4:10 am Post subject: |
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well, first of all, find out why they have denied your insurance policy, or why they have chosen to discontinue it.
we can't help much until you provide us with the information as to why the policy was denied. you should contact the company asap and ask about the cancellation. |
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seven7
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