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(EMAILWIRE.COM, September 03, 2011 ) New York, NY -- The attorneys working with Class Action.org would like to hear from property owners who were forced to purchase flood insurance by their mortgage company even though they were already covered by an existing flood insurance policy through a condominium association or otherwise. Allegations have surfaced that certain mortgage companies have been engaging in practices which require certain borrowers to purchase flood insurance in excess of federal requirements, potentially providing legal recourse to individuals who were subjected to these practices. To learn more about forced placed flood insurance complaints, and to find out if you can file a claim seeking financial compensation, visit http://www.classaction.org/forced-placed-flood-insurance.html today.
Most condominium complexes located in “Special Flood Hazard Areas” are covered by policies which protect both the shared condominium building elements and the individual condominium units. However, it has been alleged that some mortgage companies are forcing the purchase of a second flood insurance policy, the cost of which is added to the borrower’s mortgage balance or deducted from their home equity account. Because the National Flood insurance program will not pay twice for an insurable loss in a condominium complex, the consumer is allegedly being forced to pay for a second policy that is valueless to them. Moreover, the second policy is not required by federal law if the condominium complex policy already satisfies the federal requirement set by FEMA.
If you purchased a home equity loan or mortgage, and the company force-placed flood insurance on you, even though you were already otherwise covered, you may be able to participate in a class action suit to recover financial compensation. Potentially, a class action lawsuit would allow a large number of consumers the opportunity to collectively bring a claim in court. To find out if you have legal recourse for your forced placed flood insurance complaints, visit Class Action.org today for a no cost, no obligation review of your claim.
About Class Action.org
Class Action.org is dedicated to protecting consumers and investors in class actions and complex litigation throughout the United States. Class Action.org keeps consumers informed about product alerts, recalls, and emerging litigation and helps them take action against the manufacturers of defective products, drugs, and medical devices. Information about consumer fraud issues and environmental hazards is also available on the site. Visit http://www.classaction.org today for a no cost, no obligation case evaluation and information about your consumer rights.
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