Travelers Auto and Home Insurance - Getting Reamed
Traveler's Insurance got us to switch over to them and approved our coverage. They asked to increase the home coverage by over $20,000.00 We agreed and signed up. Well they send their inspector out and decide that to replace this home from a total loss will take more than $60,000 more than the home was valued at PRIOR to the market crash of 08. Talk about unrealistic. Funny thing is, it appears to be an industry wide tactic at the moment as my parents just got hit with the same tactic where their $60,000.00 home is now valued at $175,000.00. This is an unethical company that I am leaving and will not do business with in the future.
To agree to coverage, then send a letter saying if you disagree with our calculations and do not want the additional coverage, please call - then you call and dispute their evaluation - and are told you have no choice but to pay the extra money. Just wrong. I agree to be covered to X amount. If the replacement cost of my house exceeds that amount, then guess what ... I assumed the risk. Any other act by the insurance company is frankly extortion.