Force-placed insurance targeted in possible class action p3
We are finishing up our discussion of a homeowner’s lawsuit that he hopes will be certified as a class action. He asserts that his lender and a homeowners insurance company charged him an exorbitant amount of money for force-placed coverage when his homeowners policy lapsed. The difference in cost was staggering: The bank’s premium added up to $18,000 per year. His private policy cost about $2,500 a year.