Re: Property Insur Lapsed - Posted by JohnAz
Posted by JohnAz on June 09, 1999 at 10:20:16:
Just went thru a tough time with an insurance problem.
Have two properties, both escrowed thru the same title company. Bills for insurance set to be sent to title company. Had a claim on one policy, my own home, called the insurance company and found out my insurance on both properties had cancelled in November.
Insurance Co. says they sent bills, Title company says they never recieved them, both say it is ultimately MY responsiblity to stay on top of this. Neither lender had been notified of the lapse of insurance…one is a Judge…who is known to immediately “self insure”, the other is a Doctor who is known to start foreclosure the day after the lapse.
Of course the money was in the impound account so I just went out and found new insurance. Actually wound up getting better policies for less money thru CNA. My new insurance agent did express concern over the fact that there had been lapse…may have trouble getting a decent rate, but by combining both properties and my auto’s even their higher rate is substantially less than what I had been paying.
Unless there is something different about your area I can’t see a big problem.