home insurance overpay

dardevle

just discovered that we have been overpaying our home insurance for the last 7 or 8 years(head in the sand!)just wondering if anyone has similar expeirence and what the chances of refund might be.thanx

bobk

How do you know you have been overpaying?

If you have been paying for more insurance than you require, then the chances are nil.

dardevle

little bit o background...purchased house in '99 while living abroad.used same bank group for convinence:o.(mortgage,insurance,assurance)moved back in '01 and informed bank of this fact.had some correspondence from mortgage and assurance over time,statements,renewals etc but nowt from ins(just continued with ever increasing premium by monthly dd).in feb i finally requested a copy of my policy as the charges had increased and by return was told that my policy would be reducing because the house was now occupied and previous to this was listed as unoccupied and charged at the higher premium so i guess what i'm asking is what if any recourse do i have?

board om

dardevle wrote: »

little bit o background...purchased house in '99 while living abroad.used same bank group for convinence:o.(mortgage,insurance,assurance)moved back in '01 and informed bank of this fact.had some correspondence from mortgage and assurance over time,statements,renewals etc but nowt from ins(just continued with ever increasing premium by monthly dd).in feb i finally requested a copy of my policy as the charges had increased and by return was told that my policy would be reducing because the house was now occupied and previous to this was listed as unoccupied and charged at the higher premium so i guess what i'm asking is what if any recourse do i have?

you would have been paying a higher premium for an unoccupied house from 99 to 01. if i am understanding your post correctly, then they have been charging you that higher premium from 99 until present day even though you have been living in the house since 01. and now that you have pointed out the error, by requesting the copy of the policy, they have amended the details on the policy to show the house actually is occupied and therefore your premium has come down.

if i am understanding this correctly, then you could try and get the over paid amount back as they have overcharged you. but it will be a case of them saying you were supposed to notify them and you saying you did notify them. perosnally i wouls say that you wrote to them back in 01 and told them this but you no longer have a copy of the letter as it was 7 years ago. and point out that your back, etc were aware of it and just stick to your guns. they could argue it or they could send you a refund. but if you did definitly notify them then you are entitled to the refund.

just so you know, becuase they thought the house was unoccupied for the last 9 years there most liekly wasnt any contents cover so if you had been broken into and anything was stolen they most likely wouldnt have paid out on the claim. nice to know.

dardevle

thanks om...i talked to the bank today and told them that i had informed them by phone in '01 of the address change,they wanted to know the name of the person i spoke with:eek:(can't remember what i had for brekkie dis morn!)anyway they said to put it in writing and they will try and resolve so i'll suck it and see! i think the thing i'm most pissed about is as you rightly said if i had a claim in that period it most probably would of been denied because of incorrect info!

LouOB

I was working with one instutition and got the whole lot with them (mtg, life ass, house ins) so sorta thought was cheaper - nope. Two years down the line I get quotes from diff places for home ins -over 350 cheaper.
Bear in mind I was working for this crowd - well i let the poor guy over the phone know that it was disgraceful how they rip off their own staff. Not his fault i know

So pleased with myself of the savings - this year saved 150 on car ins, reduced mtg rate 5.25 to 4.75, term from 31 to 21 years. There is no end to my powers

dardevle

good for you lou...that was what i initally was trying to do when this cluster fcuk became apparent,just goes to show you that hassle free is not the cheapest option:o