force placed insurance premiums Archives

Force placed insurance lawsuit causes Citi to pay $110 million

February 10, 2014February 8, 2014 G. Turner

Citigroup Inc. has agreed to pay the money to thousands of homeowners who had been overcharged. According to recent news, Citigroup Inc. has now agreed to a payout of $110 million to thousands of homeowners who had force placed insurance applied to them when the allowed their own coverage to lapse or they stopped making payments. The forcibly charged property coverage came with highly expensive premiums, said a court filing. This trend of force placed insurance lawsuits has been spreading across the United States, as many American insurers and banks…

Force placed insurance penalties to be paid by Assurant

May 7, 2013May 8, 2013 Julie Campbell

The amount that the company will be paying will come to an estimated $14 million. Assurant Inc., the largest provider of force placed insurance in the United States, is now facing voluntary penalties of $14 million, following the outcome of an investigation that called the company’s practices into question. This is one of the latest of several similar penalties being faced by insurers with similar practices. Force placed insurance is a completely normal and legal form of coverage in the United States, and is purchased on behalf of a homeowner…