For years my insurance agent has been carrying up to $200k more coverage then was needed on my rental dwelling property. I would question the amount and he would tell me that the company decides what coverage is best. I had nothing to do with the amount although I was the one who paid it. Property is in DC. Agent is in Virginia
Your query is phrased very oddly. The reality here is that your agent didn't "carry coverage," you bought coverage. You were the one that made the decision to buy that coverage, and no one forced you to buy it. Your agent gave you advice, you questioned it but accepted it, and now you think it wasn't "needed." Why, because you never had to make a claim? Insurance, and sometime medical treatment that rules out a problem and legal advice that says a potential client has no claim, is still "needed." It's not like the recipient doesn't get a benefit. Maybe they're not pleased that they "wasted" money on coverage they had the good fortune not to use, but I'd hope that they'd see the value of getting information from a doctor who tells them their tests came back negative and they're ok, and from a lawyer who tells them that they shouldn't waste time or money on a unmeritorious claim.
Avvo doesn't pay us for these responses, and I'm not your lawyer just because I answer this question or respond to any follow-up comments. If you want to hire me, please contact me. Otherwise, please don't expect a further response. We need an actual written agreement to form an attorney-client relationship. I'm only licensed in CA and you shouldn't rely on this answer, since each state has different laws, each situation is fact specific, and it's impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue.
Tough question. On one hand you were covered up to a higher amount and sometimes that is good. I know of a building owner who had a million dollar coverage and had renewed it both times after the company had inspected the building. Yet when he made a claim the company then claimed it was under-insured and hit him with a co-insurance penalty. Sound complex? Yes it was. It took me three months to convince the carrier to pay up and we collected the limit with no co-insurance penalty. But in your case it sounds like you never made a claim. Be careful to not fall into a co-insurance trap by under-insuring. Consider another agent, try a broker and shop around. Good luck.
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