Legal Question in Insurance Law in Texas

Lender Placed Iesurance Policy

What are my options if I feel that my mortgage company has obtained a wind and hail damage policy for me unfairly? They informed me that I must have a policy in place by a certain date and I complied. I recieved a bill for a policy that was retroactive for 3 months prior (for 8x the premium of the policy I obtained) ending on the date in which my policy took effect. They never informed me that they would obtain a policy retroactive from the time point in which they identified that I did not have adequate coverage. Bottom line, they (my mortgage company)obtained a grossly inflated policy without informing me that they would and I complied with their request to obtain a policy by their deadline.


Asked on 12/28/07, 2:56 pm

2 Answers from Attorneys
James Grissom Law Office of James P. Grissom

Re: Lender Placed Iesurance Policy

This is a violation of insurance, credit and consumer protection State and Federal laws. Contact me by email if you want my assistance on this matter.

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Answered on 12/28/07, 3:04 pm
Donald McLeaish McLeaish&Associates;, P.C.

Re: Lender Placed Iesurance Policy

All lenders have the right to obtain insurance to protect their investment..generally if you call the lender..they will not charge for the single coverage..but they may have other requirements for you to keep the property protected with insurance

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Answered on 12/28/07, 4:27 pm


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