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another homeowners insurance question

Ok, so i just talked to the agent and decided to just cancel the homeowners policy effective the day i bought it because the old company doesn't have my policy canceling until the end of this month anyways. So they wil cancel as of the effective date on the new policy since i would have had double coverage. I wonder how long it will take them to issue the refund? And since money is so thigh right now would it be wrong of me to call my old company and see if there are any changes we can make to lower the premium?

Answer Question

Asked by Anonymous at 12:37 PM on Jun. 25, 2009 in Money & Work

Answers (1)
  • Depending on your state laws, the company will have between 30 & 60 days to issue the refund. You can help this process along by making sure that your agent files the proper paperwork with the company--did you sign a cancellation form? If not, call your agent & see if you need to sign one.

    I would definitely call your old (current) company & request a review. Let them know that money is tight & you want to make sure you are getting the best coverage for your insurance dollars. Have your agent explain every part of your coverage & why you have certain amounts of coverage. You can also ask them to run a replacement cost estimator on your home. This is when you put all the features of your home into a computer program & they get an estimated amount of the replacement cost of your house. If you bought your house when home values were inflated, this number may be high. Good luck!

    Answer by funnyface1204 at 12:45 PM on Jun. 25, 2009

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