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Anonymous asked in Business & FinanceInsurance · 1 decade ago

can my insurance company keep my years worth of payment if they drop me after a week?

i just bought a house last friday and i got insurance through farmers. i just received a letter in the mail that they cannot cover me due to curling of a few roof shingles. they said in the letter that im not getting any money back and i have a balance of 144 dollars for the Time i was covered. i paid almost 1800 for the year up front in the closing and down payment costs. can they do that? i understand how they can steal my money from me. if they arnt going to cover me, shouldn't they have to give me my money back?? in the letter it said they came and inspected it and cant cover my house...its an fha loan. i had the house inspected before i could even buy it and they said they would cover me, now they are saying they cant. what can i do if anything to get that money back so i can get insurance through a different company?

3 Answers

  • Zarnev
    Lv 7
    1 decade ago
    Favorite Answer

    Sometimes it takes awhile for a payment to go through the system when buying a house because first it has to go through the escrow company and they must receive a bill before it gets paid to the insurance company. It sounds like that is the case, they just don't have the payment processed. When the payment does go through they'll refund the amount minus $144, they will not and can not keep it.

    Source(s): Independent Agent
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  • 1 decade ago

    what did your agreement say? I do not see legally how they can keep all your money. Read your agreement. I would suggest to contact your attorney general. When making any investment, insurance, homes, car, etc, always check out if they are reputable & NEVER take a persons word for anything. Get it in writing! There a way too many crooks out there. call you local county courts if you cannot get an answer form the attorney general, yet alot of times, they will at least refer you to somebody. Yet if they want money, forget it. Go with who doesn't cost anything. In ones lifetime, if you keep up with what is going on in society, you have a better chance of taking care of legal aspects without having to pay for an attorney.And no doubt there will be other issues. good luck & keep digging until you find something. I would also suggest you document everything, names, dates, conversations, etc & follow them up with an email. I have found the best way when dealing with anything is to do that. write everything down, keep a book for all the issues, it pays off.

    Source(s): life
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  • Anonymous
    1 decade ago

    depends on their policy....

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