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Kickbacks, Overcharges Lead to Forced Placed Insurance Lawsuits

Mortgage lenders typically require owners preserve insurance coverage on their homes whereas the mortgage remains to be excellent. Force-placed insurance coverage is hazard, hearth, flood or different kinds of insurance policies bought by a mortgage lender for a property, on the borrower’s expense, when a borrower doesn’t preserve insurance coverage premium funds. It serves as a kind of backup insurance coverage, if you’ll, if there may be ever an issue with a coverage. However, many owners whose insurance coverage had lapsed as a result of both oversight, a cancelation or monetary hardship out of the blue discover that they’re being billed for lender insurance coverage providers which can be extra pricey and supply much less protection.

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