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Forced Place Insurance in Massachusetts (Part A)

If you are a homeowner, you know how important it is to have homeowner's insurance, especially if you are still paying on your mortgage. In some instances, if you let your homeowner's insurance lapse, your lending institution may put a forced place insurance policy on your home. Unfortunately for you, this forced place insurance policy is quite expensive, and only protects your lender in the case of property damage.

If you feel you have been taken advantage of by your mortgage lender, and have been victimized by a forced place insurance policy, you should speak with an experienced Massachusetts consumer rights attorney.

A Massachusetts consumer rights attorney can investigate your mortgage lender's practices to determine whether a Massachusetts class action lawsuit is on order.

What Is Forced Place Insurance?

When you buy a home, often you will put your homeowner's insurance and property tax payments in an escrow account with your mortgage lender. If you choose to make your homeowner's insurance and property tax payments on your own, you must sign an escrow waiver fee.

If you let your insurance policy lapse, your homeowner's insurance provider will notify your mortgage lender after the grace period has ended. Because having homeowner's insurance is mandatory while a home is under mortgage, your lender can re-insure your home by acquiring forced place insurance, and make you pay for it.

Forced place insurance is quite expensive and unfortunately, it only insures the lender, not you or your property. This means if your home is robbed, damaged, or flooded, you will not be compensated in order to fix your home or replace your personal belongings.

Sadly, obtaining a new homeowner's insurance policy to cover your property can be difficult once you let your old policy lapse. Many insurers will think you are high risk and only applying for insurance because you need to file a claim. If your coverage has been cancelled, you should apply for a new policy within 30 days.

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