Accidentally double insured properties twice. Can I get a refund?

Question

Hey BP,

due to some very poor communication, I got an insurance policies on 5 duplexes. This is because I was told that my current policy had relapsed. If I can prove to the other company that these properties were, in fact, insured the entire year, can I get a refund from them? This would be a big help. It has not been the best year financially for these properties.

Thanks

Account Closed · Answer

Are you sure both policies are active? Call the lender's (mortgage) insurance department and ask who they have as the insured. It would be unusal for a lender to allow to companies to insure the same property at the same time. It creates too much confusion.

Dave Skow · Answer

@Alex Shaughnessy- unlikely you can  get a  refund for any time that has  past  ...you can  certianly ask the  compnaies this  question

Jason Bott · Answer

@Alex Shaughnessy send proof of the policies you want to keep to the other insurance carrier.  They will be forced to cancel their policies.

You will need to sign some paperwork to cancel the policies.  At a minimum, they will refund a portion of the premium, but hopefully all of it.   Each carrier and state has different guidelines on how they handle these situations.

Bill B. · Answer

When I tried to insure an already insured property I had to send them a signed form saying they had my authorization to cancel the other policy. Even though it was paid off. They said without this form their insurance wouldn’t go in to effect.

Meanwhile. Get a cheap bookkeeping program like quicken. ($50) it would have prevented you from missing this problem when you looked at your monthly performance.

As mentioned, at least this property must be paid off or it would have been virtually impossible to double insure and you wouldn’t have been paying it directly anyway, the lender would have. Even though that would have prevented your problem.

Mike Mocek · Answer

At least you are being active @Alex Shaughnessy, I have seen some owners not insure their property at all, and have later regretted it.  I would recommend @Jackelyn Lee to look at this one, she is amazing and knowledgeable of insurances!

Accidentally double insured properties twice. Can I get a refund?

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