Homeowners Insurance Force Placed on Your Property?

December 4, 2013

Important Information

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At A Glance

This Alert Affects
Consumers who were forced by their mortgage lenders into paying for an excessive homeowners insurance policy.
Company(ies)
M&T Bank, Fifth Third, Dovenmuhle, Provident Funding, Flagstar and Capital One
Additional Details
When a consumer allows their homeowners' or property insurance to lapse, their lender is permitted to purchase or "force place" insurance on their behalf. It has been alleged, however, that certain mortgage lenders are taking advantage of this authority, force placing overpriced, excessive and even unnecessary coverage for their own financial gain.