Florida tops the nation in force-placed insurance

Julie Patel, Sun-Sentinel Florida led the country in its share of force-placed insurance premiums the past three years, including 35 percent, or $1.2 billion, in 2011 — more than three times the amount sold in the next-largest state, California. That’s according to sworn testimony provided last month for the United States Judicial Panel on Multidistrict […]

BofA Sued In FL Over Forced Placed Insurance

David Beasley, Business Week Bank of America Corp. (BAC) was sued in a Florida federal court by homeowners who allege the company overcharged them for so-called force-placed insurance. Force-placed insurance, which mortgage companies can purchase for homeowners when their policies lapse, is a “financial windfall” for Bank of America, according to a complaint filed yesterday in West […]

New Questions about Banks’ Force-Placed Insurance Deals

QBE, carrier used by Wells Fargo and SunTrust, avoids oversight through ‘surplus lines’ structure Jeff Horwitz, American Banker The first time Luis Juarez heard of force-placed insurance was when he received a $25,000 bill for it in the mail. A Florida doctor and homeowner, Juarez had been dropped by his previous insurer over a roofing […]

Banks’ Force-Placed Insurance Practices Draws Attention Of Attorneys General

Last year, Assurant collected roughly $2.7 billion of premiums through its specialty insurance division, making force-placed insurance the company’s most profitable segment. Jeff Horwitz, Insurance Networking News Few of the restrictions in the proposed attorneys generals’ settlement of mortgage servicing practices are as absolute as the prohibition of profiting from force-placed insurance. Under the settlement’s […]

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