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Insurance Carrier: Chubb
I obtained coverage for our condo at the Four Seasons Jackson hole with Chubb,
whose agency handles our insurance. We provided all the coverages from the
Condo Assocation and the agent said we needed a premium policy costing more
than $7000, which balooned to $14,000 in two years. Our accountant questioned
the premium and we investigated. We found we could get ample coverage for
less than $700 per year. We believe the agent put us in a policy that was
unneccesary, and claimed we needed the coverage.
Insurance Expert Answer:
My first step would be to complain to the agent and demand that s/he explain why she put you into a policy 10 times more expensive than was appropriate and send you the explanation in writing. I'd also suggest you then ask s/he refund the excessive premium. (Agents carry Errors and Omissions coverage but this is likely one the agent should reimburse you for.)
If the condo is part time occupancy (I know some other similar properties work that way) and the agent says you didn't tell her that, or you demanded Chubb, and Chubb does not offer part time use Condo Coverage, that would be a reason. But even then the agent should have asked about the condo. Short of that, I think splitting the difference would be reasonable.