I received a letter from Wells Fargo on Feb 4 that my homeowners insurance canceled on Jan 20. I was NOT notified by my insurance company. I called a new insurnace companies to get quotes and had insurance in place Feb 9.
Then I get a letter from Well Fargo on Feb 14 stating that I was not covered from Jan 20 to Feb 9 and they "provided" me with insurance for a fee of $357 for thos 19 days.
This amounts to $19/day! My current insurance is $3/day and includes contents, etc., which Wells Fargo only covers dwelling. This is outrageous.
I realize I may have to have insurance for those 19 days, but they should not have the right to charge such ridiculous fees? Who gives them this right? And why wasn't I informed that they would be doing this? I might could have gotten my current insurance to cover that period if I had done it when I first applied.
The point is they are taking advantage and getting away with what amounts to robbery and I think they should be stopped. A reasonaable fee would have been acceptable by me but this is absurb that they can charge whatever they want.
I realize this is a small amount and maybe no one really cares, but it is an example of what they are getting away with.
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