any insurance salesmen in here?

[scott81425]

hey guys-

     here's the deal. recently i changed all my insurances over from farm bureau to allstate. i thought my agent had everything set up right (my insurance and taxes are escrowed into my house payment every month) but then I got a bill for my homeowner's insurance. being the good samaritan i am, and not knowing any better, i sent in the monthly due. however, now my loan holder on my house is telling me i can't make monthly payments, i have to pay it in full, or let them handle it. i said fine, you guys handle it, i didn't want to do this anyway, the last thing i need is another bill i have to remember to pay every month. so i thought i was done with it. then someone else called from the bank that owns my house, and says i have to send in the refund check that my old insurance company sent me, but i haven't received anything. so i call back and say what are you talking about, and they say disregard it, if they sent you a refund check, go ahead and do as i wish with it, it will all come out as a wash when they review my escrow next year. i'm sure someone here has been through this, and can tell me what in the hell these people are trying to do to me. my insurance agent said to cash the check, and the worst thing that would happen is my house payment would go up a couple dollars next year. does anyone have any advice?

[bartok]

I'm not an insurance agent, but I went through this a couple of times back when our mortgage was being sold every couple of months.  Stay in touch with your insurance company, and verify that that payment is being made.  If not, make it yourself.  Do not let your insurance payment go unpaid.  Your lender should refund any unspent escrow to you at the end of the year.  And any refund sent to you from your insurance company or your lender is your money, that you overpaid.  Spend it, or put it away for when they screw things up the next time.

[scott81425]

thought i posted this already, but thanks for the response bartok. glad i'm not the only one who's ever gone through this.

[Skipper the cigar aFISHinodo]

ALSTATE SUCKS!

OK, now that I got that off my chest...

Either way... Any refund would be only for the partial month paid for so we're not talking any large sum of money.

The bank is really not entitled to this money as it was yours. From their perspective, the refund will go to pay the new company. If they dont get it then they need to recoup the money and recalculate your escrow which they will need to do anyway assuming the Alsnake rate isn't the same as what you were paying for the previously better coverage.

(sorry, Alsnake just dropped me because they believe a hurricane is coming. The fact that I have 2 cars and 2 houses with them was immaterial)

[bartok]

ALSTATE SUCKS!

OK, now that I got that off my chest...

Either way... Any refund would be only for the partial month paid for so we're not talking any large sum of money.

The bank is really not entitled to this money as it was yours. From their perspective, the refund will go to pay the new company. If they dont get it then they need to recoup the money and recalculate your escrow which they will need to do anyway assuming the Alsnake rate isn't the same as what you were paying for the previously better coverage.

(sorry, Alsnake just dropped me because they believe a hurricane is coming. The fact that I have 2 cars and 2 houses with them was immaterial)

Gotta agree with you on that one.  They jacked up my car insurance for no reason at all.   No accidents, no tickets, no new drivers, no new cars, no claims, nothing.   And, they increased my homeowner's insurance, too.  I think it's because we just had liability w/o collision, and only one of our houses with them.

I called them up, and they said they'd have a great deal if I moved the other house over. I said "no thanks", and moved the whole enchilada over to another company.  I was able to completely cover one of my houses, and took around 40% off the auto insurance, too.  And yes, the coverage is the same in all respects.

My insurance agent called me up to know why we dumped them completely, when he had such a "great" offer on the table.  My response, "because you suck".  It was a good moment.