• Report: #472194

Complaint Review: GeoVera Insurance

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  • Submitted: Wed, July 22, 2009
  • Updated: Wed, July 22, 2009

  • Reported By:Lancaster California
GeoVera Insurance
4820 Business Center Dr., Suite 200, Fairfield, California U.S.A.

GeoVera Insurance Earthquake Insurance-over evaluating the replacement cost of the insured property Fairfield California

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GeoVera Insurance has fraudulently over estimated the replacement cost of my property for earthquake coverage. Their premiums are based on the on how much they insure the property for.

The house that I insured with them is a small and very modest home, 1165 sq. ft., with a small attached garage. The construction is single story, stucco/wood frame with a composition roof. Wall heaters, plain painted plywood kitchen cabinets, 1 3/4 bath. The actual replacement cost that the fire insurance company estimates is about $190,000. The actual replacement cost of another indentical property that I own in the same neighborhood is estimated to be by other insurance carrier is $164,000.

GeoVera Insurance Company puts the cost of replacement at $377,000. Over double the other two insurance companies estimated replacement cost. The extra cost for the additional coverage is not my main concern, but the amount of the deductible the higher value imposes. The deductible is 15% of the coverage amount. What that does in increases my deductible from $24,600 to $56,500.

GeoVera is purposely over-estimating replacement costs of the properties that they insure so that they can effectively more than double their deductibles. This is dishonest and is fraud.

Glenn
Lancaster, California
U.S.A.

This report was posted on Ripoff Report on 07/22/2009 09:58 AM and is a permanent record located here: http://www.ripoffreport.com/r/GeoVera-Insurance/Fairfield-California-94534/GeoVera-Insurance-Earthquake-Insurance-over-evaluating-the-replacement-cost-of-the-insured-472194. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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