What is a Lender Placed Wind Policy?
A. A Lender Placed Wind Policy is one that Chase purchases on your behalf to meet the wind coverage requirement. This policy is purchased if either you do not have wind coverage or we are unable to confirm that your property is adequately covered. The policy purchased is likely to be much higher in cost than one you could obtain on your own and will remain in place until you provide us with evidence of adequate wind coverage. The Lender Placed Policy will be paid from your escrow account and will result in an increase in your monthly mortgage payment amount. If you do not have an escrow account, Chase will create one to pay this premium.
