What are my rights to get a refund for an insurance policy?

Get Legal Help Today

 Secured with SHA-256 Encryption

What are my rights to get a refund for an insurance policy?

I was given a quote for flood insurance ($50,000 coverage) and accepted the offer and paid the premium to the agent. I later got a letter from FEMA stating that the premium was underpaid by over 50% and that the payment that I made resulted in a coverage limit of $13,300 instead of the $50,000 that I paid for. I decided that was more than I wanted to pay and asked to cancel. The agent says they can’t cancel and refuses to refund my money or cover the difference in the coverage. What should I do?

Asked on July 1, 2015 under Insurance Law, Ohio

Answers:

B.H.F., Member, Texas State Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

Agents can be slow at times because they don't want to lose a commission that comes with the sale of a policy.... so you may have to go over or around the agent.  If you think you are due funds back, call the corporate office of the company that is providing the coverage... skip the middle guy.  Also, follow-up by filing a complaint with your state's insurance board.  Apparently, you were duping into accepting a term... that ended up not being the term that you bargained for.  Before you file the complaint, however, pull all of your documentation together so that you can clearly lay out your complaint and prove it at the same time.  It will make the process go much smoother.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption