Some homeowners may have lender-placed insurance policies, also known as “creditor-placed” or “forced-placed policies.” These policies occur when there is an insurance policy placed by a bank or mortgage company on a home when the homeowners’ insurance policy may have lapsed or is deemed insufficient by the bank. Under these lender-placed insurance policies, the bank or mortgage company is the named policyholder and insured. This poses a problem when a loss occurs on the property and the homeowner reports a claim to his or her insurance company.
Continue Reading I have a Lender-Placed Insurance Policy; What Happens to My Homeowners’ Insurance Claim?

Many property insurance policies have a provision that states something similar to the following: “we do not insure…for loss…caused by…constant or repeated seepage or leakage of water…over a period of 14 or more days.” Insureds may find their claims for water loss under their homeowners’ policy denied on the grounds that the leak was present for a period of two weeks or more. However, Florida courts have ruled that the first thirteen days of damage may be covered, due to ambiguity in the language of the policy.
Continue Reading My Insurance Claim Was Denied Because My Water Leak Lasted Over a Period of 14 Days or More – Was the Denial Proper?

One of the first steps in buying a new home is obtaining homeowners insurance. Lenders will not close on a home unless it is insured. Unfortunately, homeowners sometimes discover that their new home does not qualify for standard insurance, despite having passed home inspections. While each insurance company has its own underwriting standards and procedures, below are some things that may make obtaining insurance more difficult or expensive:
Continue Reading Denied Homeowners Insurance or Have a High Premium? This Might Be Why