I have 2 flood insurance. One is payed by me and the other by the bank> I had flood damages form hurricane Sandy and I filled up 2 claims. It is OK

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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Written by Jeffrey Johnson
Insurance Lawyer Jeffrey Johnson

UPDATED: Nov 13, 2012

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Insurance Question from Laurence Harbor, NJ

Asked on 11/13/2012

I have 2 flood insurance. One is payed by me and the other by the bank> I had flood damages form hurricane Sandy and I filled up 2 claims. It is OK NULL

Answer given on November 14, 2012

In any kind of insurance, it is not a good idea to have duplicate insurance as it does not benefit you, the policyholder, in any way. In your case, you have two flood insurance policies. Since the bank is paying for one of the policies, you may be overpaying for the insurance, as often times the bank will not use the same rates for a policy that they place on your behalf. You need to call the bank and explain that you have another flood insurance policy that you are paying for. They should be willing to cancel their policy back to the date your policy was effective. However, if for some reason their rate is lower than what you have been paying, you should cancel your policy.Filing two claims for the same loss is not going to be handled as you hope. FEMA will either completely deny one of the claims or will split the payment between the two policies, probably 50-50, presuming the amounts of coverage are the same. Since FEMA is a government program, they may not look kindly on the fact that you have two policies and may feel you are trying to defraud them, which could result in legal consequences.

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