What are the ramifications of signing a form that states I did not have homeowner’s insurance during a specific time period?

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What are the ramifications of signing a form that states I did not have homeowner’s insurance during a specific time period?

Both myself and my mortgage company paid the premiums, however a dishonest insurance agent cashed the checks for his own purposes and did not issue a policy for my home. I had no claims during the time frame. Now my insurance company wants me to sign a form stating that I understand I had no insurance and they will send me a refund for the premiums paid. If I do this I am concerned that my mortgage company could then back charge me a more expensive hazard insurance premium. Should I sign the form or require the insurance company to back date and issue a policy for the time frame in question?

Asked on July 18, 2011 under Insurance Law, Iowa

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Please, please, please do not sign anything until an attorney in your area has had the opportunity to review the documents.  Yes, I would be concerned about the issue of back charging you but I can not see how that could be done legally as then they would have to make sure that you were also insured at that time.  I am really concerned about the issue of coverage and if you made a claim the insurance company would try and say that it is a result of something that happened during the time period you were uninsured and refuse to cover the loss.  Then you would have been totally uninsured for that time period.  If they are admitting you paid the premiums and are willing to send a refund for the premiums paid why not just fight to make sure that you are insured?  Please get help.  Good luck.


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