Force Placed Insurance Lawsuits Mounting

December 4, 2013

Important Information

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At A Glance

This Alert Affects
Consumers forced or coerced by their bank, lender, or mortgage company into purchasing or maintaining an excessive insurance policy.
Company(ies)
M&T Bank, Fifth Third, Dovenmuhle, Provident Funding, Flagstar and Capital One
Additional Details
When a borrower has no insurance, or when coverage lapses, the lender is permitted to purchase insurance on their behalf – also known as "force placing." It has been alleged that certain financial institutions are abusing their authority when they force place insurance on their customers, who are forced to pay for the high costs of unnecessary or excessive coverage.