With increasing home insurance rates in Granbury, TX, and across the country, more homeowners struggle to keep up with home insurance payments. While payments are often made via escrow, home insurance premiums may fall behind if they are paid directly, and policies may lapse. This is a serious problem for homeowners with mortgages, as loan agreements generally require mortgage holders to maintain coverage. This could be why you may be hearing the term "forced place insurance" more often. If you have received a notice regarding forced place insurance, we invite you to reach out to us at All-Tex Insurance.
What is Forced Place Insurance?
If you have a mortgage on your home, your lender likely requires you to carry homeowners insurance to cover your and their investment. Should that policy lapse due to non-payment, the lender can "force-place" insurance on your home, requiring you to pay for it. The problem is that this type of insurance is very expensive, may not cover your equity, and pays the financial institution.
If you are struggling to keep up with your home insurance payments on your Granbury, TX, area home, we encourage you to reach out to us at All-Tex Insurance before seeing your coverage lapse.
How We Can Help
All-Tex Insurance can help you find a more affordable provider, increase your deductible, or even find minimal coverage to satisfy the requirements of your loan agreement. We can also prevent your home from being burdened with force-place insurance.
Contact us today for a home insurance review and price quote. We can help you find alternatives that will allow you to maintain coverage and control of your homeowner’s insurance policy.
