I found a parcel of land I wanted to buy and it happened to be in the flood plain zone. I contacted local Allstate agent and asked for insurance premium quote which he said is roughly $500. As closing time came it turned out I need to do flood check, flood survey (pay), and finally real qoute annual premium happened to be $2,000 per year. 4 times more than I expected. I had asked the agent 2 months ago for the insurance premium qoute and had given me the number $500, it turns out as he said it was a "rough" quote and not real quote so it varied...varied by 300%. By this time I had paid the earnest money, appraisal fees, inspection, etc, total over $5,000.
Because of such premium I dicided not to buy the land and when backed out obviously seller kept my earnest money deposit and in the end I lost $5,000. I contacted agent and stated the problem and told him that I made the decision to buy the land based on his quoted prem of $500 but he said he is not respposible. Can I sue for 5K?
2006-10-24
13:50:01
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8 answers
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asked by
insurancelawcase
1
in
Insurance