- Report: #305526
Report - Rebuttal - Arbitrate
Complaint Review: Wells Fargo Mortgage Hazard Insurance
Wells Fargo Mortgage Hazard InsuranceP.O. Box 5708 Springfield, Ohio U.S.A.
Wells Fargo Mortgage Hazard Insurance Fire Insurance Exchange Annual Ecessive Incrase of Flood Insurance Springfield, Ohio
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My home is located on the edge of a flood plain. A letter from the City of Thousand Oaks Civil Engineer concerning water intrusion into my home stated I could expect no more that 6 to 12 inches, further stating it would be standing water, not moving water. My home is 1490 Sq. Ft. and a contractor estimated a maximum cost of $25,000 to replace carpet and drywall if there were water intrusion. Based on the estimated cost of $25,000, the flood insurance policy should only cost $125.00 per year.
The 2007 /08 tax assessment of land improvement is $155,691, yet mortgage holders insist on coverage based on the total replacement cost of the home.
On January 28, 2008, I received notice from Wells Fargo Mortgage Hazard Insurance that my existing floor coverage increased from $224,000 to $257,000 increasing my flood insurance policy to $1,263 annually.
Can you imagine paying $1,263 a year for flood insurance when in fact I should be paying no more than $125.00 based on the damage I might incur?
FEMA recognizes that all floods are not alike. Some floods develop slowly, sometimes over a period of days. FEMA refuse to make adjustment for individual home owners who do not need insurance to cover a total loss and allows Insurance companies to rip-off the homeowner with excessive and over inflated insurance cost.
This report was posted on Ripoff Report on 02/02/2008 01:32 PM and is a permanent record located here: http://www.ripoffreport.com/r/Wells-Fargo-Mortgage-Hazard-Insurance/Springfield-Ohio-45501/Wells-Fargo-Mortgage-Hazard-Insurance-Fire-Insurance-Exchange-Annual-Ecessive-Incrase-of-F-305526. 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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