force placed insurance/bank owned properties

force placed insurance, bank owned properties Property owners are familiar with homeowners insurance covering basic structural damages, such as broken windows during a rainstorm. This insurance is usually mandatory when residents are actively paying off a mortgage. If insurance coverage isn't sufficient in the eyes of the lender, banks could impose force placed insurance. This insurance is crucial to property protection whether it's currently inhabited or vacant. Consider how force placed policies protect a home to benefit both lenders and homeowners.