Force-Placed Insurance Enriches Lenders While Consumers Are Left With The Bill
We are investigating claims that homeowners have been unfairly charged for force-placed insurance. Banks profit by forcing insurance through their own affiliates at rates significantly higher the market.
Mortgage lenders will sometimes charge homeowners for “force-placed” or “lender-placed” insurance. This can happen when a homeowners’ hazard, flood or wind insurance lapses and sometimes even when a homeowners’ policy is still in force. Force-placed policies are often much more expensive for homeowners but provide less coverage. Sometimes force-placed insurance duplicates existing coverage. Lenders can profit from force-placed insurance by entering into contracts with insurance companies to receive commissions and other improper financial benefits at the expense of homeowners.
We are investigating claims on behalf of homeowners that have been unfairly charged for force-placed insurance. Christa Collins of Harmon, Woods, Parker & Abrunzo, P.A. has years of experience protecting the rights of individuals in class actions. If you’ve been charged for force-placed or lender-placed insurance contact our office for a free consultation.