What is the name of your state (only U.S. law)? Rhode Island
I am presently in litigation with my insurer as I was underinsured 2 weeks before the loss.
I refinanced my home in Jul 03. The bank then sent my agent a request to raise insurance coverage from $137000 to $272000. I went in to my agent Mid Aug 03 to add an engagement ring rider to my policy when the conversation ensued as to the amount of coverage that was put on the home.
The agent informed me that I was over insured because as she explained the appraisal included the value of the land. The structure according to her was valued at $170000 to rebuild. After a short conversation to make sure I understood what she was explaining I agreed to the adjustment if the bank had no problems with the adjustment as it was only going to save me about $50 a year. I went on a short vacation with my fiance. Upon returning I took my regular vacation for about 1.5 weeks during which my home was burned to the ground. The insurance company hired their adjuster which then adjusted the rebuilding of my home at $265000. What on earth just happened? WOW
They are now claiming that they have no control over whether or not the computer software/hardward gives them the right amount for coverage.
WHAT SAY YOU?
I am presently in litigation with my insurer as I was underinsured 2 weeks before the loss.
I refinanced my home in Jul 03. The bank then sent my agent a request to raise insurance coverage from $137000 to $272000. I went in to my agent Mid Aug 03 to add an engagement ring rider to my policy when the conversation ensued as to the amount of coverage that was put on the home.
The agent informed me that I was over insured because as she explained the appraisal included the value of the land. The structure according to her was valued at $170000 to rebuild. After a short conversation to make sure I understood what she was explaining I agreed to the adjustment if the bank had no problems with the adjustment as it was only going to save me about $50 a year. I went on a short vacation with my fiance. Upon returning I took my regular vacation for about 1.5 weeks during which my home was burned to the ground. The insurance company hired their adjuster which then adjusted the rebuilding of my home at $265000. What on earth just happened? WOW
They are now claiming that they have no control over whether or not the computer software/hardward gives them the right amount for coverage.
WHAT SAY YOU?