by MrConfused » Wed Mar 14, 2012 07:24 am
I own a rental property (here in ca) and recently shopped for a new insurance policy through my broker. He found a policy, I qualified, got approved, and my broker canceled my old policy the same day he sent me an email with my new approval. A few weeks later my new insurance carrier canceled my policy due to deferred maintenance on my rental property. I didn't know about it as the property located about 2 hours away and have had no complaints from my tenant.
I am working on fixing up the property, but am now stuck without insurance. I feel like either my new carrier or my insurance broker made a mistake. What are my rights - do I have any recourse against the insurance company or my broker?
I am working on fixing up the property, but am now stuck without insurance. I feel like either my new carrier or my insurance broker made a mistake. What are my rights - do I have any recourse against the insurance company or my broker?
Posted: Wed Mar 14, 2012 08:53 am Post Subject:
Question... why not have your broker get your old policy back? If you had a lapse in coverage you'd only stand to save a couple of bucks.
Posted: Wed Mar 14, 2012 08:56 am Post Subject:
He said he tried and it was too late. About 2 weeks had passed since he canceled the old one, and he said I would have to reapply for it, but they would have the same concerns about the maintenance issues.
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