• Report: #305526
Complaint Review:

Wells Fargo Mortgage Hazard Insurance

  • Submitted: Sat, February 02, 2008
  • Updated: Sat, February 02, 2008

  • Reported By:newburypark California
Wells Fargo Mortgage Hazard Insurance
P.O. Box 5708 Springfield, Ohio U.S.A.

Wells Fargo Mortgage Hazard Insurance Fire Insurance Exchange Annual Ecessive Incrase of Flood Insurance Springfield, Ohio

REBUTTAL BOX™ | Respond to this Report! | Consumer Comment

What's this?
Corporate Advocacy Program

Show customers why they should trust your business over your competitors...

What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

Set the record straight:
Arbitration Program

SEO Reputation Management at its best!

I purchased my home in 1994 and the cost of flood insurance at the time was $600. Over 13 years, my flood insurance policy increased to $1,033 annually. To date I paid over $11,461 to Fire Insurance Exchange over a 13-year period, when in fact I should have paid no more than $1,625; that amounts to an 70% increase even though I never placed a claim.

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.

newburypark, California

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/reports/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.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

Click Here to read other Ripoff Reports on Wells Fargo Mortgage Hazard Insurance

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?