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Rent property inssurance got cancelled without notice

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wangch

Guest
What is the name of your state? NC

I have a 4-units (a quad) rental property in Fayetteville N.C., under Nationwide insurance for about 4-5 years since I bought it.

A week ago, when a mortgae broker trying to get the policy information from Nationwide Agent about this property for refinance purpose, she was told the property no longer insured by Nationwide Inusurance since Jan 2003.

I never received any notification about cancelling this policy before, and never even thought of it was cancelled until now. They will not want to resume the same policy with similar premium, but want to increase premium from $480 (previousely paid) to about $1200 a year.

I got no choice, but changed to Allstate for now.

Do I have any option here please?
 


HomeGuru

Senior Member
wangch said:
What is the name of your state? NC

I have a 4-units (a quad) rental property in Fayetteville N.C., under Nationwide insurance for about 4-5 years since I bought it.

A week ago, when a mortgae broker trying to get the policy information from Nationwide Agent about this property for refinance purpose, she was told the property no longer insured by Nationwide Inusurance since Jan 2003.

I never received any notification about cancelling this policy before, and never even thought of it was cancelled until now. They will not want to resume the same policy with similar premium, but want to increase premium from $480 (previousely paid) to about $1200 a year.

I got no choice, but changed to Allstate for now.

Do I have any option here please?
**A: and when you contacted Nationwide what did they tell you? Where is your receipt for payment?
 
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wangch

Guest
They told me that they did not receive the payment after it was due (Policy expired Nov 1, 2002), so they cancelled the policy. Then I talked to my agent a couple of time, he tried to talk to his underwritter to resume the policy, but they said there is no proof that they did NOT send out the cancellation notification to me after I said they did not.
 
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wangch

Guest
The payment to Nationwide was always done by the bank from escrew account. It was just happened this property got refinanced in Oct last year, the new mortgage hold - Countrywide did not pay it, assume it was paid at closing. I can not figured out from the settlement statment of last closing how the Property insuance was done, and no way to find the atterney for that either.

So, looks like no one did pay NationWide end of last year.
 

HomeGuru

Senior Member
wangch said:
The payment to Nationwide was always done by the bank from escrew account. It was just happened this property got refinanced in Oct last year, the new mortgage hold - Countrywide did not pay it, assume it was paid at closing. I can not figured out from the settlement statment of last closing how the Property insuance was done, and no way to find the atterney for that either.

So, looks like no one did pay NationWide end of last year.
**A: then that's a good reason for cancellation.
 
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wangch

Guest
Should I be able to file a complaint about this cancellation, and where/how in North Carolina please?

I think they are required by law to send a Cancellation Notification, and they can not prove that they did, and I'm sure I have never received one.
 

HomeGuru

Senior Member
wangch said:
Should I be able to file a complaint about this cancellation, and where/how in North Carolina please?

I think they are required by law to send a Cancellation Notification, and they can not prove that they did, and I'm sure I have never received one.
**A: call your state insurance commisioner.
 
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advicesucks

Guest
yet another reason why people should handle their own tax/insurance payments
 

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