PLEASE ASSIST ME WITH THIS…. ALLSTATE INSURANCE IS INTERPRETING FEMA GUIDELINES TO THEIR BENEFIT FOR FLOOD INSURANCE POLICIES AND TAKING MONEY FROM CUSTOMERS LIKE ME, TO THE TUNE OF $1200 IN MY CASE, RATHER THAN PROVIDING A LOWER RATE AVAILABLE THROUGH OTHER COMPANIES WHO ARE INTERPRETING THE SAME GUIDELINES SOMETHING IS WRONG WITH THE FACT CONSUMERS CANNOT CANCEL FLOOD POLICIES BASED ON FEMA’S ASSUMPTION THAT THEIR GUIDELINES ARE RENDERING THE SAME QUOTES REGARDLESS OF COMPANY
My specific case…. ·
August 2010 as part of refinancing my home, I was made aware of the fact I was paying an outrageous amount of money for my flood insurance policy with Allstate (annual premium $1608.00).
August 2010 – Obtained an elevation certificate for my property so this could be used to obtain another more affordable flood policy. ·
September 2010 – Requested cancellation of my Flood with Allstate and paid a new policy with Fidelity in the amount of $453.00. ·
October 2010 – inquired from Allstate as to the status of the cancellation and was informed they needed the Declaration Page from the Fidelity Policy. I took this in person and was told I would get a prorated refund in a few weeks. ·
November 2010 – received a letter from Allstate stating policy could not be cancelled as per their underwriting department (800-527-2634). ·
December 1010 – Changed agents thinking that a new agent would bring some sense into the situation. I was informed that as per FEMA regulations Flood Insurance policies could not be cancelled. Quotes for these policies are to be calculated on the elevation certificate of the property and adhering to FEMA guidelines available to all underwriters. I provided Allstate with the elevation certificate (an elevation certificate had not been on file with Allstate recently) that Fidelity had used and also provided updated pictures of the property as per their request. ·
January 2011 – Received word from Allstate through the new agent, that their rate was still $1,608.oo and that Fidelity must have made a mistake on their quote. ·
January 2011 – Contacted Fidelity and had them explain to me how they arrived at my quote and was told that they had taken additional steps based on FEMA guidelines based on the year my property was constructed and other details, etc. They confirmed their quote was correct and suggested I share their declaration page with the underwriting department at Allstate in order for them to do the same they had done. ·
January 2011 – Contacted the new agent and asked him to fax the declaration page to their underwriting department, which he did. After a few days he contacted me to say that the underwriting department would not make any changes and that the quote stood at $1608.00. ·
If FEMA regulations that prohibit my cancelling with Allstate are in place because quotes are to be based on their guidelines and allowances, along with a property elevation certificate why am I out $1200.00?
If there is going to be such disparity in quotes I should be allowed to cancel a policy. Allstate knows if they adjust my rate they will have to give me the additional money I have paid them. They also complacently explained that I could simply switch companies in June when the policy expires and go with another company then. Well, this works out in their favor because they keep my money. · February 2011 – I took the time to ask six of my neighbors on my block to tell me how much their insurance policy premium is. All of them pay in the area of $400.00 to 450.00. I wonder how many other people Allstate Insurance is also doing this to, while reaping the financial benefit of such act. My name is MARA FROM MIAMI SPRINGS, fLORIDA