When asked about their homeowner’s insurance, many of my clients often 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 costs, and much more limited in actual scope of coverage.
If you find that your insurance has lapsed, it is imperative that you get a policy to cover the house and 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 clear and understand this: if your insurance is canceled or has lapsed. 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 protect the homeowner‘s property or interest.
Don Westerfeld 12/22/2010 4:41:00 AM