Homeowners insurance is a vital part of being a responsible and successful homeowner. Forced-placed insurance occurs when a bank or mortgage servicer places an insurance policy on a property where the mortgage borrower/homeowner’s insurance has lapsed or is deemed insufficient.
Forced-placed insurance protects the lender, so it is important to have your own homeowners insurance policy for your protection.
Here are a few tips to help you find the right homeowner’s insurance for you and reduce costs:
- Do your research and shop around, don’t just settle for the first company you come across.
- Choose the best company that fits your financial and personal needs.
- Determine what needs to be covered and how much insurance you need.
- Ask your current provider for a discount review.
- Buy your home and auto policy from the same insurer (bundle deal).
- Make your home more disaster resistant.
- Get a wind mitigation inspection.
Homeowners insurance can be pricey. Our Habitat Inspects program provides tools and education on topics including home insurance and home inspections. Program participants may be able to reduce their home insurance costs. Approved applicants are eligible to receive a free voucher for a wind mitigation inspection (a $150 value) based on property status and need.
Click here to learn more about Habitat Inspects and how to apply.