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Forced Placed Insurance Class Action
Investigating potential claims on behalf of homeowners against banks concerning force-placed insurance policies or lender placed insurance. When a homeowner’s hazard, flood or wind insurance policy lapses for any reason, banks, lenders or loan servicers (banks), may force the homeowner to purchase insurance policies with significantly higher premiums. These force-placed policies often provide unnecessary or duplicative coverage because they are backdated to collect premiums for periods of time when the homeowner has no risk of loss. Banks often establish arrangements with a force-placed insurance provider who has agreed to share premiums with a subsidiary of the bank. These payments may represent unlawful kickbacks to the bank. If you or someone you know has been affected by this practice, please contact us. |
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