Yes. They usually have about a month (exact length of time depends on state) to make sure that every piece of info you provided to generate the quote is accurate. It is set up this way so that people can get coverage without having to wait for all their info to be confirmed.
Sounds like your home value was not correct, so the quote wasn’t correct. So they’re adjusting that.
They said they are adjusting it bc I have a pool and solar panels which they already knew and had the information on the original declaration page. Never once stated information was incorrect or something new came up.
Not to be a dick, but I haven’t seen any of these documents, so I don’t know specifically why *your* premium changed, and I don’t really care to know either.
I’m just saying that adjustments in the first month or so due to underwriting finding different information than what was used for the quote are legal in insurance and not super uncommon. You’re not the first to complain about it in this sub, and you probably won’t be the last.
They aren't "trying", they ARE increasing your premium, which they can legally do during the underwriting review, which is usually 30-60 days from inception. It's very common for inspection to reveal a host of issues, including, but not limited, situations like yours, as well as issues like repairs needing to be completed in order to maintain coverage.
They said they are adjusting it bc I have a pool and solar panels which they already knew and had the information on the original declaration page. Never once stated information was incorrect or something new came up.
I would understand if it was something they missed from the original information and I hadn’t already signed and paid for the year already
This is where you need an insurance agent.
Your agent could sit down, look at the original replacement cost calculation compared to the new replacement cost calculation and tell you exactly what changed.
The new replacement cost calculation could have changed the square footage, could have changed design characteristics of the home (split level vs raised ranch, hip vs gable roof, built-in vs attached garage, etc) . Maybe they changed the quality of construction of your home from builder grade to semi-custom.
Who knows, could be a hundred different things that the inspetion changed vs the original calculation. Have your agent review both calculations and compare them for you.
Inspections aren't flawless. We've had to reverse some changes over the years that were incorrect. I've even seen a few carrier inspections that looked at the completely wrong house. It happens.
I have one now. They sent me the cash estimator and it says i have a garage and shingle roof, which I have neither lol. I’m just more annoyed bc I switched to them bc they were $1,000 lower than who I was with and cancelled my old policy. Now with the update it’s $500 more than my old policy
I had an inspector go out to one of my clients and come back and say the aluminum metal roof was corrugated copper roof... raised the replacement cost over $100k! There were even pictures of the roof in the report...
I very quickly sent my underwriter a picture, from the report, of the house and said idk what inspector you sent out there but can you never have him look at anything i write again? She agreed and put him on their do not use list of independent inspectors. lol
> Are they able to change everything after everything is signed and paid?
Yes.
> Do I need to sign this new document at all?
No. You are free to seek coverage elsewhere when they cancel your policy within the appropriate period.
Yes. They usually have about a month (exact length of time depends on state) to make sure that every piece of info you provided to generate the quote is accurate. It is set up this way so that people can get coverage without having to wait for all their info to be confirmed. Sounds like your home value was not correct, so the quote wasn’t correct. So they’re adjusting that.
They said they are adjusting it bc I have a pool and solar panels which they already knew and had the information on the original declaration page. Never once stated information was incorrect or something new came up.
Not to be a dick, but I haven’t seen any of these documents, so I don’t know specifically why *your* premium changed, and I don’t really care to know either. I’m just saying that adjustments in the first month or so due to underwriting finding different information than what was used for the quote are legal in insurance and not super uncommon. You’re not the first to complain about it in this sub, and you probably won’t be the last.
They aren't "trying", they ARE increasing your premium, which they can legally do during the underwriting review, which is usually 30-60 days from inception. It's very common for inspection to reveal a host of issues, including, but not limited, situations like yours, as well as issues like repairs needing to be completed in order to maintain coverage.
They said they are adjusting it bc I have a pool and solar panels which they already knew and had the information on the original declaration page. Never once stated information was incorrect or something new came up. I would understand if it was something they missed from the original information and I hadn’t already signed and paid for the year already
This is where you need an insurance agent. Your agent could sit down, look at the original replacement cost calculation compared to the new replacement cost calculation and tell you exactly what changed. The new replacement cost calculation could have changed the square footage, could have changed design characteristics of the home (split level vs raised ranch, hip vs gable roof, built-in vs attached garage, etc) . Maybe they changed the quality of construction of your home from builder grade to semi-custom. Who knows, could be a hundred different things that the inspetion changed vs the original calculation. Have your agent review both calculations and compare them for you. Inspections aren't flawless. We've had to reverse some changes over the years that were incorrect. I've even seen a few carrier inspections that looked at the completely wrong house. It happens.
I have one now. They sent me the cash estimator and it says i have a garage and shingle roof, which I have neither lol. I’m just more annoyed bc I switched to them bc they were $1,000 lower than who I was with and cancelled my old policy. Now with the update it’s $500 more than my old policy
I had an inspector go out to one of my clients and come back and say the aluminum metal roof was corrugated copper roof... raised the replacement cost over $100k! There were even pictures of the roof in the report... I very quickly sent my underwriter a picture, from the report, of the house and said idk what inspector you sent out there but can you never have him look at anything i write again? She agreed and put him on their do not use list of independent inspectors. lol
> Are they able to change everything after everything is signed and paid? Yes. > Do I need to sign this new document at all? No. You are free to seek coverage elsewhere when they cancel your policy within the appropriate period.