Property & Home Insurance
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I let my homeowner's insurance lapse. The bank secured a new policy and then notified me that I'm responsible for paying the premium. The new insurance is a lot more expensive. Can the bank do this?
Depending on the terms of your loan contract and whether you have an escrow account, the bank may be able to force-place insurance—but only after providing two notices to you. Many loan contracts contain a provision […]
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My mortgage servicer did not pay my home insurance last month. My policy was canceled. Is the bank now responsible for insuring me?
If you maintained an escrow account with the bank and made regular deposits for the payment of taxes and insurance, the Real Estate Settlement Procedures Act (RESPA) requires the bank to make timely payments of these items […]
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My home was damaged in a hurricane. I received an insurance check and sent it to the bank for its endorsement, but the bank won't remit the funds to me so that I can repair my home. What can I do?
As national banks have different policies and procedures for releasing insurance claim funds, you should review your mortgage loan documents for more information or contact your bank for more information. The loan […]
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My home was damaged by an event—such as fire, wind, or storm—covered by my homeowner's policy. The bank will not send me the entire amount of the insurance check so that I can repair my home. What can I do?
As national banks have different policies and procedures for releasing insurance claim funds, you should review your mortgage loan documents for more information or contact your bank for more information. The loan […]
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I received an insurance check made payable both to me and to the bank. Should I send it to the bank?
The check may be payable to both the policy holder (you) and the lien holder (the bank). Once you receive the check, notify your bank to determine what steps should be taken, including whether you should send the check to […]
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