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(EMAILWIRE.COM, May 18, 2012 ) New York, NY – The lawyers working with Class Action.org are investigating allegations that certain banks are abusing their authority to force place homeowners’ insurance on borrowers whose policies have lapsed. It has been alleged that certain banks are force-placing insurance policies at excessive rates, sometimes up to ten times as much as borrower-purchased insurance, adding additional pressure to homeowners who may already be struggling with debt. According to several forced placed insurance lawsuits, the banks are receiving kickbacks for making these purchases, and it has been suggested that there is a conflict of interest between bankers and insurers. In light of these claims, the attorneys working with Class Action.org want to hear from any borrower who is paying for a forced placed homeowners’ insurance policy that they believe is excessive. Potentially, these individuals may have legal recourse to seek recovery of the high premiums paid out for this coverage. To find out if you are eligible, visit http://www.classaction.org/forced-placed-homeowners-insurance.html and complete the free case review form on the right.
When a borrower allows their insurance to lapse, banks and other lenders are legally permitted to buy insurance on their behalf and make them pay for the cost of the policy. According to several forced placed insurance lawsuits, however, some banks are force placing expensive polices which not only provide a financial benefit to the banks and their affiliates, but also offer less coverage to the borrower. It has been further alleged that some banks are backdating forced placed homeowners’ insurance policies to collect premiums for periods of time that have already passed and even purchasing insurance when the borrower already has adequate coverage.
In light of claims that banks are force placing excessive or unnecessary coverage, the attorneys working with Class Action.org are offering a free online case review to borrowers who had homeowners’, property, hazard or flood insurance forced placed on them. Potentially, these individuals may be able to file a claim to recover compensation for the allegedly excessive costs of these policies. For more information, please visit ClassAction.org today.
About Class Action.org
Class Action.org is dedicated to protecting consumers and investors in class actions and complex litigation throughout the United States. Class Action.org keeps consumers informed about product alerts, recalls, and emerging litigation and helps them take action against the manufacturers of defective products, drugs, and medical devices. Information about consumer fraud issues and environmental hazards is also available on the site. Visit http://www.classaction.org today for a no cost, no obligation case evaluation and information about your consumer rights.
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