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Forced Place Insurance: What Does it Really Cover?

fistcashI often find that when asked about their homeowners insurance, many of my clients tell me that they are (covered by insurance from the mortgage company). Which is forced place insurance.

 

Forced place insurance is usually at least double usually triple what a standard homeowners policy cost, and much more limited in actual scope of coverage.

 

It is very important if you find that your insurance has lapsed that you get a policy to cover the house and also you as soon as possible.

 

Do not rely on your mortgage company to protect you or to help you in this matter, contact us today and we can send the bill right to your mortgage company and bill the escrow, or we can set you up on easy payment plans for you.

 

Be very clear and understand this: if your insurance is canceled or if your insurance has lapsed and you were notified by your mortgage company that they have obtained insurance for you call me, this insurance covers their loan in case of fire/theft/damage but it does not cover the homeowner‘s property or interest.

 

Don Westerfeld 12/22/2010 4:41:00 AM

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