Paul Sullivan writes this week in his Wealth Matters column about force-placed insurance ? something that most homeowners don?t know about until their mortgage lender sends them a letter telling them they need it. If the homeowners don?t act quickly, the lender will buy the insurance for them, almost always at a price that?s a lot higher than the market rate.
Experts told Paul that homeowners should immediately deal with the initial letter from a lender saying that insurance is needed. Once the force-placed insurance is imposed, it is much harder, they say, to fight the lender.
While there are no figures on how many times lenders are imposing force-placed insurance, lawyers say they suspect the numbers are higher in the last couple of years.
Have you had any experience with this kind of insurance? Tell us about it below.
Source: http://bucks.blogs.nytimes.com/2012/01/20/an-often-painful-lesson-in-insurance/
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