Forced place insurance?

Question

Does forced place insurance cover slip and falls, should someone file a claim that they fell on your property?

Answer 1

No, that's liability coverage.

Forced placement coverage won't pay the property owner, either.  It will only EVER pay the mortgage company, for the loss in value, after the place burns down.

It won't ever cover the property owner.  The property owner can't ever file a claim under it.  The property owner will never get paid by it.  And it costs several times what regular insurance costs, but the property owner has to pay for it.

Which is why it's dumb to use the forced placement coverage, if you're the property owner.  You get triple the cost, and NONE of the benefit.

Answer 2

NO

Forced place insurance only covers the LOAN that placed it

- no extras

- nothing for you at all

Answer 3

No, it does not. Forced-placed insurance only covers the mortgage company's interest, which is the payoff balance.

The reason it's force-placed is evidently because the property owner allowed his/her property insurance policy to lapse. So, the mortgage had no choice but to force-place coverage to protect their interest.

Answer 4

Probably not the bank will only cover what they have intrest in ie:he building itself.  You can get much ceaper insuracen with MUCH MUCH more coverage at an agency.  Force placed is way expensive.

Answer 5

Don't know - you'd have to see the policy.  Why would you want forced place insurance.  Get your own, it's cheaper.

Answer 6

Third parties can't "file a claim" against someone's insurance.  They have to sue;  then the insurance defends.