Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What is a lender-placed policy?

April 26, 2017lender-placed policy

0

Posted

What is a lender-placed policy?

1 Answer

0

Posted

If we do not receive proof of a required flood insurance policy within the allotted time, we will purchase a policy on your behalf to protect your property. This purchased policy is also known as a lender-placed policy. The policy purchased on your behalf may be at a much higher rate than a policy you may be able to obtain yourself through a local agent. If you have a lender-placed policy on your loan and you have questions about flood policy coverage, the amount of protection in your policy, the cost of flood insurance or any other questions, please contact the Insurance Processing Center (IPC) at 1-XXX-XXX-XXXX.