What does Forced place insurance

Susie · Posted: Tue Jun 19, 2007 5:47 pm Post subject: What does Forced place insurance

What does Forced place insurance mean?
I had my bank purchase forced place insurance on a property I owned, and now I need to use the insurance as there is damage/vandalism to the property. Can I use the insurance to fix up the property? What is the procedure? The bank is giving me the run-around...& will not even give me the declaration page or what I actually bought.

Juanita · Posted: Wed Jun 20, 2007 6:26 am Post subject:

First let me know, do you have a homeowners policy or not? Because, Force placed insurance is normally taken out by the lenders when the homeowner is paying off his home loan but not having homeowners insurance. This is done by the lenders mainly to protect their loan. The force placed plan will cover the perils covered by a normal homeowners insurance. It is common with flood insurance; many times they take out flood insurance if it is not taken by the homeowner.

What does Forced place insurance

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