DEAR ABBY: I work for a major insurance company in the Midwest. The amount of unclaimed premium refunds we have is unbelievable. You'd be shocked at how many people sell their homes and move, and never contact their homeowner's insurance company to cancel their policy. When the mail comes back marked "undeliverable," the policy is canceled -- and nine out of 10 times, a return premium is due the insured. Of course, the refund checks are also returned since no information is available on current addresses.
Additionally, many who do cancel a policy fail to include their new address in their letter -- so any refunds are returned to the insurance company.
Abby, please spread the word that people who have sold a home in the last five years and didn't contact their insurance company to cancel their policy, should contact the company since there may be unclaimed funds. -- REFUND WATCHDOG IN MINNESOTA
DEAR WATCHDOG: Obviously, many people are unaware that the unused portion of their homeowner's insurance policy is refundable. Thank you for bringing this potential windfall to the attention of my readers.