Coping With High-Priced Insurance That Lenders Make You Buy

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Coping With High-Priced Insurance That Lenders Make You Buy

Coping With High-Priced Insurance That Lenders Make You Buy

NYTimes-

FORCE-PLACED insurance. Most homeowners never hear about it until their mortgage lender sends them a letter saying that they must have flood or some other kind of insurance and that if they don’t act quickly, the lender will buy it for them — at a price, it turns out, that is almost always much higher than the market rate.

I was one of those homeowners, and I wrote a column last year about how difficult it was to get this type of insurance removed. I was reminded of that column when I read a colleague’s article about New York State investigating banks for making homeowners buy this overpriced insurance.

[NEW YORK TIMES]

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