Homeowners Insurance Home Business
A question about forced homeowner’s insurance?
My insurance co. went out of business and mortgage co. placed me on their forced insurance. I’m free to get other but need the 4 point inspect. first and need roof repairs in order to pass. ( I am living kind of close to the bone..) The total amount of my mortgage balance is only 15,000. The bank (Wachovia) says it is insuring only itself against potential loss, but the amount charged me is VERY high and doubled last year for no reason other than that they could double it if they wished. I am wondering if they are allowed to force me to insure my home wiith them for more than the value of the mortgage balance since they say they are not really protecting me but themselves with this insurance until I get other. Thanks for your response.
Forced placement coverage is EXTREMELY expensive – much more so than it would be, if you bought it.
Yes, the mortgage contract you signed allows them to to place coverage in the amount of the REPLACEMENT cost of your house.
Also, keep in mind that their coverage isn’t EVER going to pay you, and it won’t ever pay to fix your house. So there is absolutely NO protection for you, under this forced placement coverage, which is costing you about 5X what regular insurance would cost.
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