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Old Today, 05:42 PM
 
191 posts, read 269,633 times
Reputation: 292

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Not sure if this is the right forum but here goes:

We just got a letter from our insurance company and and a bill for $10, because they are removing the coverage for injury due to mold. The cost is to cover amending the policy.

The $10 is not a big deal, but it seems a bit unethical to charge us for an update to decrease a coverage that they initiated. What’s to stop them for dropping other coverages mid year and continually charging us?

Any thoughts on this?..

Thanks,

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Old Today, 05:52 PM
 
807 posts, read 230,258 times
Reputation: 1953
Yes, that sounds a little strange and I was in the insurance business as an actuary my entire career. First of all, if you have an agent, confirm that this is what's happening. If that's the real reason, in theory the state insurance department would have had to approve the increase. Insurance companies MUST inform the State Insurance Commissioner of rate changes, plus or minus, submit statistical justification for them and get formal approval. If a company representative swears that's the reason, tell them you plan to confirm it with the Insurance Commissioner. If they're lying that should force them to go find the real reason.
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