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If you are buying a real estate property, you are required to get insurance on the property.\u00a0<\/b><\/p>
The banks or the lender that is providing the mortgage will require you to have flood, wind, or casualty insurance to get protection against any disasters.\u00a0<\/b><\/p>
The force-placed insurance comes into the picture when the borrower lets their insurance lapse or does not have any insurance on the property that is being mortgaged.\u00a0<\/b><\/p>
The lender-placed insurance could be put into force if the borrower fails to make payment on his original insurance, has filed counterfeit claims, or for any other reasons.\u00a0<\/b><\/p>
The lender will impose this type of insurance to protect their interest in the property in case the borrower\u2019s insurance gets lapsed.<\/b><\/p>
If any of these scenarios occur, the lender’s interest in the property may be at risk. Since the 1960s, most lenders have had an option that permits them to obtain their own homeowner’s insurance.\u00a0<\/b><\/p>
In case the lender goes for forced placed insurance, the lender is the only beneficiary in case of the claims.\u00a0<\/b><\/p>
If there is a claim situation the lender may choose to help the homeowner to use the claim proceeding from the lender-placed insurance policy to cover the repair cost.\u00a0<\/b><\/p>
Risk Financial offers lender exposure and flood coverage designed to provide strong protection for a variety of potential purchase scenarios.<\/b><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t