Have paid for 2 years on a HO ins policy that was written for the wrong address by Ins. Co. No claims, but is this right? Issuing a “new” policy.

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Mar 1, 2016

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Insurance Question from Lake of Woods, VA

Asked on 03/01/2016

Have paid for 2 years on a HO ins policy that was written for the wrong address by Ins. Co. No claims, but is this right? Issuing a “new” policy. Existing HO ins. on main res. (No mortgage). Bought 2nd - 2 yrs ago - weekend cottage - Called ins. co. & requested it be added then. Bank recently called - caught no evidence of HO on cottage. Called ins. co. They are "fixing" it - have to issue new policy. I have been paying for 2 yrs for 2 policies on my main residence. Yet they told me not to worry, I wouldn't be charged any fees or fines by them while they fix it. NOT MY MISTAKE. Shouldn't I be due reimbursement for property not insured, yet charged?

Answer given on March 15, 2016

There are different issues in the problem of the wrong property being insured on your homeowner policy. While the insurance company obviously made a major mistake in the property address, you are partially responsible as you are expected to review your insurance policy. If you have an agent, they should have reviewed the policy with you when it was first written, but even if they did not, you should have looked over the policy.Since the insurance company has agreed to fix the problem and is reissuing the policy, you have not lost anything. Had there been a loss it is most likely that your insurance company would have seen the error and paid for a claim. It is hard to argue that with them.There should be no fees or fines involved with the issuance of the new policy, so I’m not sure why they would have said that. However, the location of the property can affect the premium. That would not be a penalty, just the way homeowner insurance is rated. They may have meant that if the premium is higher due to the corrected location that they will not go back the two years to collect that increased amount.

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