Carrying Excessive, Forced Placed Flood Coverage?
Last Updated on January 20, 2022
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National City Corporation Mortgage Holders: If you were forced or coerced into buying an excessive flood insurance policy, you may have legal recourse. Our website is investigating allegations that certain banks have been forcing borrowers to purchase or maintain flood insurance policies that are unnecessary, overly expensive, or otherwise excessive. While National City Corporation has not been named among the mortgage companies engaging in these questionable practices, many property owners who have borrowed from other establishments have expressed that they were forced into paying the high premiums of an unnecessary, excessive or second flood insurance policy.
If National City Corporation or any other mortgage company forced you into buying or maintaining an overly expensive, excessive or second flood insurance policy, you may be able to seek compensation for the high costs paid out for this policy.
Force Placed Flood Insurance Lawsuits
Any mortgage holder may be able to participate in a forced placed flood insurance lawsuit if they were coerced or forced into buying or maintaining:
- More flood coverage than what was required under their mortgage agreements
- A flood insurance policy which exceeded federal requirements
- A second flood insurance policy even though they were already covered by a condominium association or otherwise
- A second flood insurance policy after an acceptable policy was refused
In some cases, banks that forced placed valueless flood insurance on mortgage holders received commissions for these purchases, according to allegations. Reportedly, the cost of the policy was added to the mortgage balance, deducted from their home equity account or otherwise expensed to the borrower.
Forced Placed Flood Coverage Complaints
If your bank forced placed an unnecessary flood insurance policy on your property, you may have legal recourse to seek financial compensation for the high premiums paid out for this coverage.
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