I purchased a home in November, 2021. I spoke at great length and on at least 3 different phone calls with my insurance agent going over all the details of the property. The agent viewed the mls listing of the home, pulled county records and Zillow during our conversations.
All of these sources contain completely accurate data for the home. All of the sources used had accurate photos of the home. The policy and coverages as originally written were correct.
The yearly premium was paid in full at closing. I got a notice from my mortgage lender that my monthly payments would be increasing due to a shortage in escrow. I logged into my account and found an additional payment of almost $800 was paid to Allstate in February (my premium was a little over $1800 yearly).
I contacted Allstate with my concerns, and the 2 reasons given were the home is a tri level verses a bi level, and the cost of replacement is higher than what they wrote the policy for.
My questions: can my paid premiums be increased midterm with no notice or authorization?