Insurance company overcharged me for 5yrs on my homeowners ins - do I have any rights in requesting any money back?
Question Details: During renewal of my policy & wanting to know why they wanted to up my policy by 5 grand. I found that they had the wrong info on my home. They had my home as a 1 1/2 story house with a 1 1/2 bath with a full finished bsmnt etc...with being insured for replacement value. I told them that I only have an 836 sq. foot Ranch home with 1 bath & no finished bsmnt. I inquired that since they were over charging me for a bigger home for the last (5) yrs was I due any type of refund and they said no.
Insurance Law Law Answers
They charged you for the incorrect amount; they need to reimburse you for the difference. (Same way as if they'd undercharged you, they would expect you to make up the difference.) Depending on when you discovered the overcharging, there might be some issues with the statute of limitations preventing you from collecting for the oldest overcharges.
If your insurer refuses to reimburse you, you might try contacting your state's dept. of insurance and seeing if they can help you--as a more affordable alternative to bringing a lawsuit, the cost of which would probably wipe out whatever you could recover from the insurer. Here's a link that may help: http://www.michigan.gov/dleg/0,1607,7-154-10555_12902_12907---,00.html
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