Chase Home Finance is trying AGAIN to rip me off. I live in a condo complex which pays for the insurance on my building with my condo fee. We have a2 million dollar policy against flooding. This is themaximum our Government will allow us to carry.
Only aboutone third of the units are even in a flood zone. There has not been any flooding in this area in over 100 years. There has been huge culverts created to assist should any unusual flooding even happen. With the 2 million in coverage, we have over $116K in coverage for ALL units, not just those in the flooding zone. My place is worth approx $115K and my loan is only for $85K - thus MORE than enough.
Every year, Chase sends me a statement that I do not have flood insurance or inadequate insurance. I ask my condo association each yearfor the flood insurance information.in the last 10 years, we have not changed insurance companies. Our policy shows we are currently covered through 2013. Each year we are paid up for several years ahead. Yet every year Chase says I do not have any.
Each year I ask this insurance company to send them the information. Each year they havesent it dozens of times to the address and the fax for Chase. At this point, they now refuse to send it more than 5 times as it costs them everytime they send it. They now give me a copy and make it my problem if 5 times is not enough.
Every time the insurance company or I send it, it is ignored and Chase tells me they are going to purchase a policy for me if I do not provide sufficient evidence that I am covered. They also state that THEY WILL GET A COMMISSION for this sale. Each year the price is more than DOUBLE the going rate. This year it was over $1200 when the MAX should be $500 a year if I did not have ANY already.
Needless to say, I go through this every year fighting with them to prove that I have sufficient coverage. Every year they say I don't. I even have a copy of the policy which states that I have FULL REPLACEMENT COVERAGE and a second personal policy for FULL REPLACEMENT COVERAGE for my belongings and the interior. Every year they say i have to buy their policy. I have to pay for DELIVERY CONFIRMATION to prove they have recieved to and to (hopefully) get them off my back (for a few months anyway).
I contacted the Better Business Bureau and they rate them as one of the WORST companies due to misleading and fraudulent practices and they are also the one of the worst for trying to work things out with thier customers. They give them an F in thier reports. If at all possible, DO NOT USE THEM! In my case, my mortgage was sold to them and I amstuck until I either sell my place or refinance. If I do refinance, there is no guarantee that my loan will not again be sold to them.
JUST BEWARE OF CHASE and do your homework. They will try to rip you off at every opportunity. Cover yourself as much as you can with written accounting of all your conversations and evidence of all your actions. Keep copies of all correspondence and read your mortage agreement. Read up on all laws that pertain to your rights and your home or be prepared to be ripped off. They use intimidation tactics and even contact your family to try to get the money that is not due to them. They have called my home (automated message) as many as 15 times in one day to get me to pay them for insurance I did not need. They areoverdue for a harrasment lawsuit not to mention fraud. Please beware!
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