What is force-placed insurance?
Force-placed insurance is insurance coverage that will be obtained by VHDA when proof of insurance coverage has lapsed, been canceled or has not been received. Force-placed insurance is a safeguard to protect our interest in the property if damage were to occur and you had not maintained adequate coverage. It is almost always more expensive than insurance coverage you can purchase yourself. Also, if anything should happen to your property, you may not submit any personal claims under a force-placed insurance policy. This is one reason it is critical that you maintain your own homeowners insurance.
Force-placed insurance is insurance coverage that will be obtained by SunTrust when proof of insurance coverage has lapsed, been cancelled or has not been received. Force-placed insurance is a safeguard to protect our interest in the property if damage were to occur and you had not maintained adequate coverage. It is almost always more expensive than insurance coverage you can purchase yourself. Also, if anything should happen to your property, you may not submit any personal claims under a force-placed insurance policy. This is one reason it is critical that you maintain your own homeowners’ insurance.
Related Questions
- I currently have a job and insurance for myself and my son, but after 3 months of my maternity leave if I decide to resign my job, will I be able to get FAMIS for myself and my two sons including my husband who has Obama care?
- What is Force-Placed or Lender-Placed Insurance?
- What is force-placed insurance?
