Forced Placed Flood Insurance Complaints?

Additional Companies for Forced Placed Flood Insurance

Class Action.org would like to hear from consumers who took out a mortgage from any of the following companies and were forced or coerced into buying an excessive, second or unnecessary flood insurance policy:

  • Sovereign Bank
  • AIG Federal Savings Bank
  • First Magnus Financial Corp.
  • Merrill Lynch Credit Corp.
  • PHH Mortgage Corp.
  • Novastar Mortgage Inc.
  • H&R Block Mortgage Corp.
  • BB&T Corp.
  • Sierra Pacific Mortgage
  • Guaranty Bank
  • TD Bank
  • PNC Bank
  • U.S. Bank
  • Ocwen
  • Fifth Third Bank
  • Fidelity
  • Capital One
  • Mid America Bank
  • BNY Mellon
  • Regions
  • Netbank
  • Saxon Mortgage
  • Royal Bank of Canada
  • MBNA
  • Citizens Bank
  • Citibank

If you had an excessive, unnecessary or second flood insurance policy forced placed on your property, you may be able to recover the money paid out for this coverage. To find out if you are eligible, complete our free, no obligation case review form today.

Even if your bank or mortgage company is not listed above, you still may have legal recourse if an excessive flood insurance policy was forced placed on your property. It has been alleged that certain mortgage companies have been force placing costly, excessive and potentially valueless coverage on their borrowers, who must pay for the high costs of these policies.

Forced Placed Flood Insurance

While the banks above have not been named among those engaging in questionable forced placed flood insurance practices, homeowners who borrowed from other establishments have made complaints about having to pay costly and excessive flood insurance policies and Class Action.org would like to determine whether other borrowers were subjected to similar practices. While banks and mortgage lenders can legally force place flood insurance should coverage lapse or fail to meet standard requirements, it is believed that some financial establishments are taking advantage of this permission. Typically, forced-placed flood insurance, which is expensed to the borrower, is almost always more expensive than the coverage the consumer could have bought themselves. Furthermore, it has been alleged that certain banks have been force placing flood insurance when it was not necessary or provided no additional value to the homeowner. 

Flood Insurance Lawsuits

Potentially, homeowners may be able to participate in a flood insurance lawsuit if they were forced or coerced into buying or maintaining:

  • A second flood insurance policy even though they were already covered through a condo association or otherwise
  • Flood coverage which exceeds federal requirements
  • A second flood insurance policy after acceptable coverage was refused
  • More flood insurance than what their mortgage contract requires

If your bank or mortgage company forced placed a second, unnecessary or excessive flood insurance policy on your property, you may have legal recourse. Potentially, you could be able to recover the high costs paid out for this coverage. To find out if you are eligible, complete our free case review form today.

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