I used this company to acquire a large insurance policy. The insurance policy is for many rental properties and costs about $25,000 per year. I made a down payment of 25% (over $6,000) on August 30. Less than 30 days after the insurance policy started my agent at Dewitt Stern Group and Aspen Insurance UK Ltd notified me that they planned to cancel the insurance policy in 30 days because the properties did not meet their expectations in terms of physical condition (these were bank foreclosures that I purchased as an investment so they are far from being in great condition and this was explained to the insurance agent and insurance companies). I received this notice on September 28.
My first installment payment was due on September 30 for $1700. I informed my insurance agent that she needed to cancel the policy and find another insurance company that would actually provide coverage for these properties. I also explained that I would not be paying for my September 30 payment since the policies were being canceled by the insurer effective October 28 (why would I continue to pay when I already pre-paid 3 months and the policy was being canceled in less than 60 days?). On October 10 I received a noticed from Budget Installment Corporation informing me that they planned to cancel my insurance policy for non-payment effective October 16 at 1201AM. This notice was mailed on October 5 from New York to me in the Chicago area. The law requires that they provide 10 days plus 3 days for mailing notice. They completely violated the law and left a group of over 50 properties without insurance. This is nothing more than fraud and theft.
Avoid these companies like the plague. Don't make the mistake I made of giving them your hard-earned money only to be ripped off in less than 60 days. I normally don't bother filing complaints and reports about this sort of thing but when it involves a $25,000 annual insurance policy and a down payment of $6,000 that was essentially stolen I think it is more than appropriate. I also believe this company is involved in questionable practices with the finance company it uses - Budget Installment Corp. I believe they set up policies, collect the 25% down payment and then cancel the policies in less than 60 days so they can illegally retain 1-2 months of collected insurance premiums without refunding them to the insured or providing any actual insurance. They are not too far off from common thieves. You are better off keeping your money and self-insuring your property.
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