9d • Questions
Force-placed insurance
Looking for some advice from anyone who has dealt with force-placed insurance during a refinance.
I’m currently refinancing a mobile home park and found out a couple weeks ago that the lender force-placed an $8,000 insurance policy on a small, roughly 500-square-foot stick-built home located within the park.
We did not separately insure the home when we purchased the park, and the lender did not require us to provide coverage on it at closing. Now, as part of the refinance, the $8,000 force-placed premium is showing up as part of the payoff.
I’m working on getting replacement coverage in place, but I’m running into issues because the home has technically had a lapse in coverage, so getting something bound quickly has been more difficult than expected.
Has anyone dealt with something similar?
More specifically, are there any options for getting the force-placed premium removed, reduced, prorated, or otherwise avoiding having the full $8,000 included in the refinance payoff once I can provide replacement coverage?
Any ideas, carrier recommendations, or experience negotiating this with the existing lender would be appreciated.
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Force-placed insurance
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