Is my homeowner's insurance agent guilty of fraud?
A few years I was forced to get a foreign homeowner's insurance. When I spoke with the agent, he extolled the virtues of the policy and I bought it, assuming I had full coverage. However, when I tried to place a claim for storm prejudice, he promptly indicated that my policy was "liability only." Apparently I am not covered for damages cause by natural events like rainfall, wind and lightning. It will only cover similar to if someone comes on my property and stubbed their toe and sued me for $100 million. Is there really this type of insurance or is the company just trying to side-step their responsibility of paying? I looked at the policy, but I newly don't have the savvy of figuring it out. Of course, if I want to add on this coverage, my premiums will triple. Was this insurance agent deceptive in his salesmanship?
If you think that you hold property coverage, then call the company directly. The adjuster will interpret the policy for you and consent to you know whether or not the claim will be paid.
As far as fraud, if you don't have anything surrounded by writing, a quote or application, that states you were purchasing insurance for your property, then you don't really enjoy a case against the agent. Its just a he said/she said.
None of us be there when the insurance agent told you what the policy covered. If you don't have any soundtrack of what was said, I doubt you will have any feat against the agent. The insurance company is liable for whatever the insurance contract says they are liable for. If you can prove the agent misled you or misinformed you, you can sue him and his errors and omission policy would pay.
the type of loss you describe sounds close to an umbrella policy. if u have a mortgage, your lender would never let you buy apolicy that does not fully protect their investment against these automatic disasters. read the policy. and dump the agent, and get one you trust
Answers: When clients GET/BUY an insurance policy - they hear what they want to hear
eg: lower price, mine's the best...blah...blah...blah
What alot of times they DON'T hear the "exclusions" - aim what it doesn't cover - and that is not the fault of the agent - usually it's within writing! incase you did not listen to that part of the conversation
Agents are paid to properly explain the coverages you are getting and GIVE YOU a copy of exclusions - if you did not read it or fathom out it -
you should have asked your agent to explain anything you did not read or understand.
That, as the client, is your responsibility
I'm not sure if he be "deceptive" or you were just not conversant. Why would you not verify that you have full property coverage when buying a new policy?
when ever you go to an agent for information, ask lots of question. She sold you what she wanted you to have, not explaining what the policy would cover
No. Court cases own been brought under similar circumstances and the simple reality is YOU have a copy of your policy, you get a untried copy every time it renews and YOU needed to read your policy.
And sure there is that type of coverage: It's called liability.
However if you enjoy a mortgage your bank should have specified you did not have property coverage.
And you certainly don't involve to be "savvy" to read your basic coverage, on policies it is in plain and simple lingo on the front page, usually in a box. Then there are the numerous page behind it that one needs to be "savvy" to digit out, but in plain terms YOU should know what coverage you own or don't have.
By the way, if you want 100 million dollars worth of liability coverage, I would hate to see your Umbrella policy!!
thats the craziest entry i ever heard! this is either a premises liability policy or an umbrella policy you are chitchat about, NOT a homeowners policy. In order to own an umbrella policy you have to have an underlying homeowners policy, so where on earth is it? I'm not sure why you were "forced" to get a investigational policy, but it isn't a homeowners policy. You say the agent went over the policy beside you before you bought it, so you should have particular what you were getting. Call the agent and find out what type of policy it is and find out where your actual homeowners insurance is through.