How to recover money overpaid due to an insurance agency’s mistake?

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How to recover money overpaid due to an insurance agency’s mistake?

I have had the required federal flood insurance on my home for 10 years. I recently discovered that they were charging me a much higher rate than my neighbors. My home was built before flood zone maps existed for the area (prefirm) but they charged me higher rates than were listed on FEMA’s website. I have had the rates reversed but how can I get a refund on 10 years of overpayment to the insurance company? I trusted them to know the rates and rules concerning this area and homes built in flood zones. I did the research to prove them wrong. I believe they defrauded me by charging the wrong rate.

Asked on March 9, 2011 under General Practice, Georgia

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Your agreement with the insurance company is a contract with them so your right to sue would be governed by the statute of limitations for contract matters in your state.  I believe that in Georgia the statute is 6 years for written contracts.  Now, that would mean that you could only go back 6 years BUT if it is the same insurance company I would try and argue that it is a continuing contract and try and get the other 4 years from them.  I really do not know if that will work (and I can say probably not) but try it anyway.  You should write a letter first requesting reimbursement and then you may have to sue them.  You relied on their expertise is your clim here as well.  Good luck.  


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