What is Lender Placed Coverage?
A Lender Placed policy is coverage obtained by the lender when a cancellation notice has been received on your present policy. Lender Placed coverage is to protect only the lender’s interest in the property. Lender Placed coverage is generally more expensive than normal homeowner’s insurance and does not provide protection for the personal property or furnishings inside the home.
Lender Placed Coverage is a policy obtained by the lender when a cancellation notice has been received on your present policy. Lender Placed Coverage protects the home only, with no personal contents or liability coverage and is generally more expensive than your normal homeowner’s insurance policy.
Related Questions
- Is it necessary for a California consumer to pay the 3% tax when coverage is placed with a nonadmitted insurer on their own for their own property, without the assistance of an agent/broker?
- Why does DU require the lender to confirm that the MI coverage that is in effect on the existing loan is accurate, as shown on the DU Underwriting Findings?
- What is Lender Placed Coverage?
