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Started By
Message
Cancelled Homeowners Policy due to late Mortgagee Payment
Posted on 8/7/23 at 7:45 pm
Posted on 8/7/23 at 7:45 pm
My homeowners insurance company, Allied Trust, sent me a notice of policy cancellation due to lack of payment. Deadline was 7/30 at midnight. I called them and they said they didn't receive a check from my mortgage company until 8/3 and then rejected the check due to an error. They told me I can call in the morning when the underwriters are in to see if they'd reconsider re-issuing the policy if payment is paid in full (they are no longer writing new policies for LA so I assume the answer is no but will be calling).
I then called my mortgage company, Mr Cooper, and they said they wired payment on July 17th and responded to Allied on the 25th when they received notice the policy wasn't yet paid.
If Allied Trust did indeed drop me, my next best alternative is ~$4,000 a year higher.
I'm currently stuck in between them and have no idea what next steps here should be.
I then called my mortgage company, Mr Cooper, and they said they wired payment on July 17th and responded to Allied on the 25th when they received notice the policy wasn't yet paid.
If Allied Trust did indeed drop me, my next best alternative is ~$4,000 a year higher.
I'm currently stuck in between them and have no idea what next steps here should be.
16
Posted on 8/7/23 at 7:46 pm to TigerTatorTots
Bitcoin
Posted on 8/7/23 at 7:47 pm to slackster
Thank you for your contribution to this thread.
Posted on 8/7/23 at 7:47 pm to TigerTatorTots
I kid, that sucks. Surely there is some recourse with the mortgage company?
Found This, hope it helps
Found This, hope it helps
This post was edited on 8/7/23 at 7:49 pm
Posted on 8/7/23 at 7:49 pm to TigerTatorTots
I thought there was a 30 day grace period
Posted on 8/7/23 at 7:49 pm to TigerTatorTots
My first thought is to tell the lender/servicer to place comparable insurance at their expense.
Posted on 8/7/23 at 8:07 pm to TigerTatorTots
Allied Trust is one of the shittier ones around.
Posted on 8/7/23 at 8:08 pm to MSTiger33
quote:Allied Trust told me there is a monthly payment grace period but there is no grace period for "pay in full" insurance payments.
I thought there was a 30 day grace period
This post was edited on 8/7/23 at 8:11 pm
Posted on 8/7/23 at 8:09 pm to SloaneRanger
quote:That is on my list of future steps if something cannot be reconciled. However, I think they will just default to "hey we wired the money on 7/17, not our problem, take it up with the insurance company"
My first thought is to tell the lender/servicer to place comparable insurance at their expense.
This post was edited on 8/7/23 at 8:10 pm
Posted on 8/7/23 at 8:11 pm to TigerTatorTots
quote:
If Allied Trust did indeed drop me, my next best alternative is ~$4,000 a year higher.
This seems very unlikely, even in LA. Have you actually shopped apples to apples at various brokers?
Posted on 8/7/23 at 8:35 pm to slackster
quote:Yes, every year. There are barely any companies left willing to insure Madisonville LA as a "whole package". Every quote I received back was separated into two policies, 1 being wind and hail and 2 being 'everything else'. Not a single company that the brokers reached out to would provide a wind and hail quote, all said it would go through Citizens (insurer of last resort for LA).
This seems very unlikely, even in LA. Have you actually shopped apples to apples at various brokers?
Posted on 8/7/23 at 8:47 pm to TigerTatorTots
quote:
Yes, every year. There are barely any companies left willing to insure Madisonville LA as a "whole package". Every quote I received back was separated into two policies, 1 being wind and hail and 2 being 'everything else'. Not a single company that the brokers reached out to would provide a wind and hail quote, all said it would go through Citizens (insurer of last resort for LA).
That’s pretty surprising to me. I’m also in a coastal parish and still had at least two insurers with traditional quotes.
Good luck man, whole thing sucks.
Posted on 8/7/23 at 9:28 pm to TigerTatorTots
Seems pretty obvious they rejected the payment to drop you. I’d contact the attorney general or state insurance commission and see if this is a larger pattern. They may threaten to litigate which could get your policy back.
Posted on 8/7/23 at 10:21 pm to TigerTatorTots
Did they send a wire or a check? Or both?
Get proof of payment and Tuesday morning call the insurance commissioners office.
Get proof of payment and Tuesday morning call the insurance commissioners office.
Posted on 8/7/23 at 10:34 pm to TigerTatorTots
quote:
hey we wired the money on 7/17, not our problem, take it up with the insurance company"
Then they would have no objections to proving the wire was made and when the funds left their account
Posted on 8/7/23 at 11:23 pm to TigerTatorTots
Did State Farm drop LA?
Posted on 8/8/23 at 12:16 am to SDVTiger
quote:
Did State Farm drop LA?
Their new business quotes are so outrageous, the answer might as well be yes.
Posted on 8/8/23 at 7:54 am to TigerTatorTots
Threaten a lawsuit on both.
Both are 100% for this failure.
Any chance the insurer in La are looking to get out of policies and looking for any way to cancel them.
Both are 100% for this failure.
Any chance the insurer in La are looking to get out of policies and looking for any way to cancel them.
Posted on 8/8/23 at 8:11 am to TigerTatorTots
From my experience insurer’s are usually more lenient on late payment from the Mortgage company than if the insured paid late. You have to go over the person on the phones head and ask to speak with the Underwriting supervisor or manager but if you are persistent they will do it.
Posted on 8/8/23 at 8:35 am to Drizzt
quote:
Seems pretty obvious they rejected the payment to drop you. I’d contact the attorney general or state insurance commission and see if this is a larger pattern. They may threaten to litigate which could get your policy back.
This. Your mortgage company obviously has proof of when they sent payment. I doubt the courts would look favorably on their withholding application of payment and then penalizing you for it. You may also want to talk to your mortgage company to see if there is any legal recourse through them (since this may impact them eventually as well).
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