Home Owner Insurance - Dual Coverage

[P8yton]

What is the name of your state? What is the name of your state? Virginia

I recently bought a new home. Within the first month I decided to take out a new homeowner policy with another company, but had not canceled my old policy yet. I have receive of a binder taht started 2 days prior to Hurricane Isabel. My home took a tree - $30 to $50K in damage.

I filed with my old Company - where do I legally stand. Am I legally obligated to tell the 1st company I had started a new policy? If I file against both companies will there be subrogation?

Please help - consulting an attorney friend as well.

 

[Joe Schmoe]

Why is this even a question?

You KNOW that legally you cannot file against both insurance companies.

 

[P8yton]

HomeOwner Insurance - Dual coverage

The question is both leagal and obligation.

Which company am I suppoded to file under - the most recent that has just covered me or the old one. Am I obligated under the law to tell the first company that I have other insurance now? I am not interested in double-dipping - I just don't want recourse later.

 

[Joe Schmoe]

If you are not interested in double-dipping and this is just an honest mistake on your part, then why have you not asked your old insurance company how this is handled when you reported the claim to them?

 

[HomeGuru]

Good question.

 

[P8yton]

Who said anything about a mistake. I never had the time to cancel the first coverage, being that I never had any formal paperwork from Company #2 - except a faxed binder coverage. I went with Company #2 - due to them being $700 per year cheaper - this after 10 years without claim (They have 2 autos as well) with Company #1 - I owe Company #1 - zilch!

Business 101 - no need to tell an "Insurance CompanY" any excess information as it is their position to weasel out of responsibility at every opportunity. I just want my home restored to it's original condition.

I guess this forum isn't about advice afterall - just Insurance Company employees making posts in an attempt to make an honest person look corrupt. Did you forget my post that I was also consulting an Attorney on the matter. I was just doing this to be certain I was totally abiding within the law - protecting my interest - not the insurance company.

 

[Bigfoot]

Who said anything about a mistake. I never had the time to cancel the first coverage, being that I never had any formal paperwork from Company #2 - except a faxed binder coverage. I went with Company #2 - due to them being $700 per year cheaper - this after 10 years without claim (They have 2 autos as well) with Company #1 - I owe Company #1 - zilch!

##You didn't have the time to cancel, i.e., make a phone call that could have saved you paying excess premiums. A binder is just that=binding!

Company two is cheaper but you kept paying premiums to #1-the higher costing company-interesting!

Business 101 - no need to tell an "Insurance CompanY" any excess information as it is their position to weasel out of responsibility at every opportunity. I just want my home restored to it's original condition.

##Your home can be restored, however, unless you're willing to listen, you won't learn much.

I guess this forum isn't about advice afterall - just Insurance Company employees making posts in an attempt to make an honest person look corrupt. Did you forget my post that I was also consulting an Attorney on the matter. I was just doing this to be certain I was totally abiding within the law - protecting my interest - not the insurance company.

##So if you're consulting an Attorney (that you're no doubt paying for), why are you posting here?

 

[Bigfoot]

p.s. Out of curiousity, what town are you in?

 

[knotcops]

Cancel the policy with company #1 effective the date you took out the new policy. File the claim with company #2 and get on with it!