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I received a letter and payment coupons about the renewal of insurance coverage on my house but it was already forceplaced. Why am I receiving this?

April 26, 2017coupons forceplaced House insurance coverage letter payment received renewal

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I received a letter and payment coupons about the renewal of insurance coverage on my house but it was already forceplaced. Why am I receiving this?

1 Answer

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The renewal date of your existing insurance coverage must be getting close. As a result, the letter and coupons have been sent to you as a reminder that you need to obtain insurance coverage. It also provides you with an opportunity to purchase insurance through Best Insurors and protect the equity in your home, rather than have the forceplaced coverage again. When a home is forceplaced by a mortgage servicing company, the insured value of the home is set at the outstanding amount of the mortgage not necessarily at the market value of the home. To protect the equity in your home please contact an insurance provider for a review of your insurance needs.