Florida leads U.S. in ?force-placed? insurance

Florida leads the nation in ?force-placed? insurance premiums, typically taken out by a lender on a property on which they make a loan in case of damage or destruction.

Florida leads the nation in ?force-placed? insurance premiums, typically taken out by a lender on a property on which they make a loan in case of damage or destruction.

The cost is typically passed to the borrower but the practice has drawn criticism by homeowners? groups due to its high cost, the Sun Sentinel reported.

According to the report, the insurance premiums cost Floridians $1.2 billion in 2011 and were applied to 35 percent of sales.

The Sun Sentinel reported that insurers and mortgage managers defended the practice, saying that the policies are only imposed when customers do not purchase coverage themselves and that ?force-placed? coverage can be replaced with a cheaper form at any point at the customer?s request.

Source: http://feedproxy.google.com/~r/vertical_4/~3/LTPeSV6P8aA/florida-leads-us-in-force-placed.html

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