Home can they change insurance quote after I paid it?

[Cyndi]

I recently insured a rental property, and after filling out the required forms, speaking to the broker over the phone and going through EVERYTHING with them, we agreed on a price and I sent them a cheque paying the sum in full. I was sent all the documents stating we were covered and the rules and stipulations, they cashed my cheque and I thought that was that. However, they have now requested a further €124 stating that because the roof is 50% flat the cover is increased! I stated in the required forms that it is a flat roof, and when talking directly to them informed them again that it was 50% flat roof, and they still accepted my payment in full. They "explained" that AXA has come back to them saying they need more money for cover but should that be my problem? They had ALL the required information needed and quoted a price which I accepted. Is it legal to change that? I need to tell them if I'm going to pay it or change insurance companies! Thanks

 

[j26]

If you have the policy document, tell them to go away, provided you did provide all material information.

If they took your money and issued you with a policy, you are insured - end of story. The deal has been made, and buyers remorse on their part is no concern of yours.

 

[Willowchase]

I stated in the required forms that it is a flat roof, and when talking directly to them informed them again that it was 50% flat roof,

Did you advise them it was a felt roof, i.e. combustible, or just flat? The declaration on the proposal form normally asks you to confirm that the construction of the house is standard, i.e. non combustible.

If you clearly stated on the proposal form, which is the basis of the contract, that the roof was felt then they are obliged to stand by their quote as they are, when accepting a premium and confirming cover, acting as agents of AXA.

 

[peteb]

Did you send in the proposal form before or after you received the quote?

 

[Cyndi]

Yep, informed them of everything! My husband was the builder so he knew the exact construction and we wrote all of this down, and TOLD them too. We received the quote, were sent the forms to fill out, filled them out, sent them in, rang the broker, went through ALL the information, and after them confirming everything in order we sent cheque off. They cashed cheque, and nearly 3 weeks later they tell us they should have quoted more because of the flat roof?! Rang the Financial Regulator and they say it is the broker's problem, but even though it is not our fault, I think the broker can just turn around and say they are cancelling the policy. Makes me so angry that we can't do anything about it!