I’ve been with Wells Fargo for 14 years and never changed insurance carriers until last summer. WF sent me a letter to upload my new SF (State Farm) policy and I did. Followed every step. They emailed back that it was received and I didn’t need to take any further action.
Fast forward to this summer, I changed again (Allstate) and the insurance agent said there was an issue trying to submit paperwork. So I called WF mortgage- they said they didn’t have my insurance info for the last year. I told them I have the email as proof that I sent it to them. They were kind and very helpful and said they fixed everything.
Yesterday I got a letter that said they don’t show that I was insured last year – I called them back. Now I’m being told that because my husbands name was the only one on the SF insurance, not mine, (I’m the only one on the mortgage), that WF is going to charge me for insurance.
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That’s stupid. My husband didn’t know to add my name or he would’ve, we’ve been married for 100 years.
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WF never told me last year that there was anything wrong with the SF policy
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We now have insurance with Allstate and I’m on that policy and everything should be good to go. Can they retro-charge me?
My original closing was not with WF so I never signed a closing contract with them. They bought the loan from the first bank. I’m not on escrow, btw
Any advice?
Lender says I was not insured on homeowners policy, but I was, and they won’t accept my policy as proof- please advise
byu/MagnoliasandMums inInsurance
Posted by MagnoliasandMums
9 Comments
did you have the binder they send you?
Do you have a copy of the email where they advised you that no further action was required? If so you can tell them that you relied on that information and did not take the action they are now relying on as the pretense to charge you more. Also, does your lending agreement require you be a named insured or just to have a policy covering your interest in the property? Many/most insurance policies treat the named insured’s spouse as also an insured as long as they live together.
As long as the PROPERTY was insured AND the mortgage company was listed with a mortgagee clause they should have to accept it.
Check your State Farm policy and the definition of Insured. I am not familiar with the SF policy but there is a decent chance that the Named Insured’s spouse is included in the definition of an Insured.
Push a little harder. The home was insured and they were listed as mortgagee so they would be paid for a loss.
Are you not listed at all on the home policy? Or is it that the specific piece of paperwork did not have your name on it?
Your agent should handle all this for you.
The property was covered and while your husband was the named insured it’s still your spouse. This is a non issue and so long as you can provide evidence of coverage they shouldn’t be giving any pushback
I’d double check the policy language, but as far as I’m aware an unlisted spouse is a named insured by definition with most carriers.
I would tell them you’re going to connect the department of insurance because you have proof of insurance as well as proof of receipt