I have 2 flood policies in effect - which one pays?

Incidentally, most flood deductibles are being waived by reputabe insurers.

Erstwhile

in Appliances 12 years and 7 months ago

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eme1million | 12 years and 7 months ago

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I have my own policy with a $5000 deductibe – no contents just structure.    My bank did not get the renewal statement so they bought me their own policy and despite many efforts to get them to cancel and refund me the money, I just found out the did neither and it is still in effect.  It has a deductible of $750.    The bank says I can’t use their policy because I already have another poilcy.  I said that is outrageous – the policy is in effect and paid for.  I asked if they own the insurance company and in fact they do. I had already filed a claim with my the company I had first paid for.  Can I retract that and file with the second company. Do I risk getting caught with neither wanting to pay?  Any advice would be helpful. EME.

cm | 12 years and 7 months ago

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Tell them you’re going to file a complaint with the State Insurance Department if they don’t cover.

daveinbedstuy | 12 years and 7 months ago

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Actually, if the damage is from flooding and you have no actual specific flood insurance, a completely separate policy altogether, your chances of collecting are dramatically reduced.  This is a very gray area and you most likely are not technically in a flood zone (or you would have had to buy this insurance as mandated by your mortgage company) but the verbiage of your policy will be key.