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Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 40993
Experience:  Texas Attorney for 30 years dealing in real estate
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We live in a flood zone. In 2008 we knocked down our old home

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We live in a flood zone. In 2008 we knocked down our old home built in 1962 and built a new home compliant with all of the current flood elevations. Our flood insurance agent contacted us to raise our premium because we now had a larger home. We just found out that the agent never re-rated the policy and let the NFIP know that we had a new elevated home and we have been overpaying on our policy by $1000 a year for the last 5 years. Are we entitled to a refund?

RayAnswers :

Thanks for your question and good morning.You may well try for a refund here.You certainly have a great case against the agent for his failure to act.

RayAnswers :

Most agents carry errors and omissions type insurance for just such claims.You will need a local lawyer to send a demand letter here for all your damages/lost premiums including lawyer fees and costs.Often then the insurance coverage kicks in and they would pay the claim.

RayAnswers :

This is certainly worth pursuing on your part here.The amount of the damages depends on the amount of refund you get.Either way you certainly have a great set of facts to pursue this against the agent involved who was negligent.

RayAnswers :

I would certainly consider getting a lawyer here to pursue the agent and his liability for his actions and inactions.You can do this while seeing if any refund is forthcoming.

RayAnswers :

Here is ABA lawyer referral for NJ..

RayAnswers :

You want a lawyer that does insurance agent litigation here.

RayAnswers :

Honestly your best chance here is against the agent.I would hope you get at least a partial refund but in this istuation the liability and your recovery is likely against the agent and his insurance coverage.

RayAnswers :

And again you would sek all your damages here including legal fees, costs, etc as well.

Customer:

Excellent. Thank you so much.

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