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Jane Doe Deer
Jane Doe Deer, Lawyer
Category: Real Estate Law
Satisfied Customers: 3896
Experience:  Attorney since 1986; Plain English explanations of Landlord/Tenant & Purchase/Sale
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I dont know if Real Estate Law is the correct category, but

Resolved Question:

I don't know if Real Estate Law is the correct category, but here's my question:

I recently refinanced my house from a variable ARM (3.75%) to a fixed 30-year loan at 5%, to lock in to a fixed loan. After closing, I was notified that I needed to raise the coverages of my 3 insurance policies (Beach property, North Carolina - 3 policies are required - Homeowners, Wind & Hail, Flood). The increases are all based on the appraisal they did during the loan process, but includes the house, decks, unattached walkways and decks, and uses a $/square foot rebuild value that I believe exceeds the simple nature of how the house is built. I negotiated the Flood coverage down by showing the FEMA coverage does not even cover decks, walkways, - only the building.

I've requested coverage for Homeowners and Wind & Hail be reduced to the appraisal value of the house only, not the decks and walks, which seems reasonable since the land alone is appraised at 82% of the loan value. This will still cost me more, but won't be as harsh. But I'm getting nowhere.

But even with the lower flood coverage, I will have to pay an extra $475 a year in extra premiums. If they had explained this to me before closing, I would not have refinanced. But now it's after closing, the old loan is paid off and I can't go back.

Do I have any options? What can I do? It doesn't seem fair that I'm notified about this after closing and payoff of my original loan.
Submitted: 5 years ago.
Category: Real Estate Law
Expert:  Jane Doe Deer replied 5 years ago.

Thank you for contacting Just Answer. I look forward to assisting you.


While we write back and forth, please keep in mind that I do not know what you already know or don't know, or with what you need help, unless you tell me. Sometimes I'm unable to read your entire question until AFTER I write back to you.


Although it's usually five minutes, sometimes there can be a delay of an hour or more in between my answers because I may be researching the answer to your question, helping other customers, or taking a break. If we are writing late at night, I may have to go to sleep and resume helping you the following morning.


I need the following information before I can answer your question:


Can you please tell me whether a requirement for the additional insurance was spelled out in any of the paperwork you signed, at any time before or during closing?


I may have a couple of additional questions for you, too.


Please be aware that and are pay-for-answer web companies. You have offered to pay me $30 for my work and I just need your acknowledgement that you will pay JustAnswer and me for the answer (as long as you are satisfied that I answered your question, of course).


I'll look forward to hearing from you,


Jane Doe Deer

Customer: replied 5 years ago.

I will look through the paperwork I have to see if there is any mention of the increase of insurance. It may take a day for me to review all of the paper work, but I'll let you know as soon as possible. Some of the closing documents I have are .pdf, so I can start this afternoon.

Expert:  Jane Doe Deer replied 5 years ago.

If you weren't warned ahead of time there are two things to do.


1. File a Consumer Protection Complaint: The advantage to you of this route is that it's free.


2. File a lawsuit for breach of contract.


I will be here today and tomorrow. I'm not available on Saturday. I'll be available Sunday.


My best,



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