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Suntrust Forced Placed Flood Insurance Complaints Under Investigation

( EMAILWIRE.COM , December 07, 2011 ) New York, NY - Class Action.org is investigating whether property owners who took out a mortgage loan from Suntrust were forced or coerced into purchasing or maintaining an excessive flood insurance policy. Allegedly, certain mortgage companies have been engaging in potentially illegal practices in regard to forced placed flood insurance policies, forcing homeowners to pay costly premiums for coverage that is unnecessary or excessive. If Suntrust forced placed an excessive flood insurance policy on your property, Class Action.org would like to hear from you. Visit http://www.classaction.org/suntrust-bank-forced-placed-flood-insurance--1-55077.html to find out if you can seek compensation for the costly premiums paid out for this coverage.

While Suntrust has not yet been named among the banks allegedly engaging in unfair forced placed flood insurance practices, those borrowing from this establishment may have grievances similar to those expressed in forced placed flood insurance suits. Potentially, a mortgage holder may be able to participate in a flood insurance lawsuit against Suntrust or any mortgage company if they were forced or coerced into any of the following: buying a second flood insurance policy even though they were covered by an existing policy through a condo association or otherwise; purchasing or maintaining more coverage than what was required under their mortgage agreements; paying for forced placed flood coverage after an acceptable policy was refused; or buying flood insurance coverage in excess of what is required by the law. Allegedly, some of the banks accused of force placing excessive flood insurance policies received kickbacks or commissions for their purchases, the cost of which was expensed to the borrower.

Several forced placed flood insurance lawsuits have already been filed on behalf of property owners who were coerced or forced into carrying additional, unnecessary or excessive coverage.

New insurance rules draw ire | Statewide Insurance Group, Inc.

New insurance rules draw ire

Posted by Benji Riggins on December 7, 2011 under Insurance News | Be the First to Comment

Gary Puffpaff was irritated when he got a letter from Allstate Insurance informing him his homeowners’ policy wouldn’t be renewed because he had his auto insurance with another company.

Not only did Puffpaff question whether the insurer’s action was legal – which, it turns out, it is – but he also was upset because Allstate canceled his auto policies a half-dozen years ago after he filed three large claims.

“Every time I see their commercial I laugh about what they say, because I don’t believe a word … about (how) they take care of you and all that,” said Puffpaff, 61, a repair technician who lives in Charlotte. “They only want your money.”

This year, two of the most popular underwriters of homeowners insurance policies in North Carolina – Allstate and N.C. Farm Bureau – adopted underwriting guidelines that link homeowners policies with auto policies across the state.

Both companies cite economics as the reason for their stance. In the case of Allstate, if you don’t have an auto insurance policy from us, they’re telling customers, your homeowners policy won’t be renewed.

The Farm Bureau’s guidelines are slightly different, winnowing out those who don’t have a Farm Bureau auto policy and who also have filed a claim on their homeowners policies within the past five years. Similarly, new Farm Bureau customers who want to buy a homeowners policy also will have to buy auto insurance.

Like many insurers, it also offers a discount for bundled policies. The Farm Bureau also will “reconsider” renewing a homeowners policy if a customer wants to purchase an auto policy after being notified of the company’s new guidelines, said Steve Carroll, executive vice president and general manager at Raleigh-based Farm Bureau.

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