re: Insurance agent cost me thousands

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Decent chance he didn’t remit your premium and pocketed it instead.

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This.

My agent forgot to submit my homeowner's renewal one year. No mortgage so there was no one checking on it. I didn't find out until the next year when I called to renew. I thought he ripped me off at first until I figured out he never drafted my account. I had the email telling him to renew and his response saying it would be done. It was a funny phone call.

Him: Did you have any claims last year?

Me: Nope.

Him: Enjoy your savings.

Me: What would have happened if my house burned down?

Him: I would have been writing you a big check.

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Decent chance he didn’t remit your premium and pocketed it instead.

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Folks would be surprised how much that has happened over the years...I owned a insurance agency for 30 years....Back in the early 90s myself and several agents in my area started losing business/clients to another agency...this went on for a good while and we couldn't compete with that agencies prices.

About 2 years later it all came to a head....This owner/agent was pocketing the premiums and giving folks fake policies...He had enough cash flow to pay smaller claims...What finally got him was a total loss on a $500,000 home he didn't have the money to cover. Then his clients started calling the insurance companies they thought they were insured with to find out these companies had never heard of them or their fake policy numbers....My former clients started coming back to me.....Fine with me...I got new commissions.