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Today I get a snail mail from them that my homeowners policy has not been provided and therefore they're doing me a "favor" and purchasing lender insurance for me....

Fortunately I'm required to have insurance by my association (because I live in a townhome) and thus I've had a policy with State Farm since I've lived in my house (since 2005)....(however I'm guessing a lot of people are probably in the "I can't afford it so I have to go without" boat....)

Two things that disturb me... the lender policy started on 11/01/09 (but I just got the notice today on the 24th and the notice is supposedly effective as of the 16th (meaning I have about 21 days, NOT 30 to notify them about the existing policy...) And also, it says that I can change the policy online but getting to the appropriate page to change the policy is NOT easy....

(Next thing you know they'll say something like this policy isn't good enough and we'll provide you a policy to cover the rest... .... I'm just happy that I was able to find the policy information or I REALLY would have been in trouble )


I'm assuming I'm not alone in saying that I would never bank with BofA by choice, but unfortunately they bought up my mortgage so I'm STUCK with them

I don't have a mortgage/insurance issue with them, but a credit card one. I had several CC's on my OWN, never joint with my ex. After our divorce he kept insisting I write to them to take his name off my CC. I said you were never on the account. But BOA reported his name on MY account on his credit report. I wrote, called, wrote, called, and they could never produce his name on any documents, but claimed I could have added him via the phone.
FINALLY, I found a copy of my credit report from 2004 (the year we divorced) showing an "Individual" account. That finally shut him and them up.

Was your mortgage by any chance with Taylor Bean and Whitaker? mine was bought too...I'm actually GLAD...TBW had HORRIBLE customer service...every time i called them I was on hold at a minimum of 45 mins....I once waited 1 1/2 hours. I got the same notice from BOA...apparently they called me and left a message and did send other notices (i found them at a later date) but as soon as I called them and they called my insurance company- they had it all straight in an hour....their rep even called me back to let me know it had been handled...and best thing eve -I didn't have to hold for more then on minute on the phone...

sunseeker wrote:Was your mortgage by any chance with Taylor Bean and Whitaker? mine was bought too...I'm actually GLAD...TBW had HORRIBLE customer service...every time i called them I was on hold at a minimum of 45 mins....I once waited 1 1/2 hours. I got the same notice from BOA...apparently they called me and left a message and did send other notices (i found them at a later date) but as soon as I called them and they called my insurance company- they had it all straight in an hour....their rep even called me back to let me know it had been handled...and best thing eve -I didn't have to hold for more then on minute on the phone...

Don't even get me started on those (&$*&*#&*@. I used to work for the company that did their insurance servicing (I don't know of a single bank where they actually update the insurance information- the lender placed insurance companies started throwing that in for free years ago), and "difficult to deal with" did not even begin to describe them.

Glorfindel, they may need your Condo Master Policy (the association policy), if your State Farm policy doesn't cover the building itself. The easiest way to tell is if it says "Condo Contents" at the top, and the next way is by the Dwelling amount- if it's low (like less than 25K-50K), then they need the master. Most banks (although I've never worked with BoA) don't track that policy once they have the Certificate of Insurance on file.

You do need to contact State Farm to have them update your mortgagee info if you're not covered by the Condo Master policy. If you're covered, then call BoA and ask- most banks don't want anything to do with Contents policies (they have no insurable interest in your stuff), but they may be different.

Most banks say they'll charge at about 30 days, but it's usually 60-90 before they do (it's a real pain if they actually charge you, and most people have insurance, so they don't want to deal with it if they don't have to).

Coconuts-

TBW screwed up my insurance more then once. At one point they failed to cut an the check for my insurance coverage from my escrow account and my insurance policy was dropped. I didn't know ANYTHING until my insurance company sent me a notice. TBW told me that it could take up to two weeks to dispatch payment- mean while I'm sitting in an uninsured house. Ohhh not to worry said the rep from TBW - if something should happen your house will be covered....yea right.....I pitched a fit and he overnighted a check. and apparently in the buyout by BOA, Taylor, Bean and Whitaker didn't send over ANY info on any customers to BOA.

Back to BOA - Glorifindel, just call the BOA customer service number and I promise it is painless. The rep will take your insurance info (who provides it, rep name, etc) and will call them to get everything he or she needs. And like I said, mine was very nice and called to let me know he had taken care of everything for me. I'll see if I can find the number for you and pm it to you later...

don't get me started.. my issues are banking not insurance..
I do not bank with them but my Parents do..

My Policy is a homeowners policy... when I filled in the information I just put the amount that the dwelling is covered for (I have loss and damage prevention on my insurance as well, but I knew that they didn't care about that....)

In any case they also have the agency and phone # so it shouldn't be hard for them to confirm this....

But personally I think it was a "dirty trick" that they actually signed me up for coverage somewhere else, fortunately they didn't bill me (yet)....

Do you know if you have an FHA loan? I think with FHA you're required to have insurance and give your lending agency your home owners insurance info.... and they may be why we got the notices ( i got the same thing..."we'll sign you up if you don't provide us with blah blah...") I;m glad though that it sounds like you have it straightened out

Glorfindel7 wrote:My Policy is a homeowners policy... when I filled in the information I just put the amount that the dwelling is covered for (I have loss and damage prevention on my insurance as well, but I knew that they didn't care about that....)

In any case they also have the agency and phone # so it shouldn't be hard for them to confirm this....

But personally I think it was a "dirty trick" that they actually signed me up for coverage somewhere else, fortunately they didn't bill me (yet)....

At this point you're just on a letter-writing list- nothing gets changed on your loan until they actually charge you. Assuming you ignored the letters, and the charges went through, then they put your property on their existing policy since they thought you didn't have one of your own. You, as a person, aren't on their policy at all, and it's from a company that does not write homeowner's insurance. There's no underwriting for the policy, so they didn't do a credit check, or inspect the property, or drive by or anything like that.

Also, since you're with State Farm, they can access the info through their website, provided your agent actually has a mortgagee listed.

No I tried to supply it online, but it didn't look like it took so I gave them a call... the girl that helped me was nice and understanding (didn't stop her from offering me a refi deal however )

Well, hopefully this takes... I really hope that it doesn't come to them ignoring my policy... my next step might be to call the agent and have them fight on my behalf

I have been with BoA for about 3 years now.....checking account only. I have only had one problem (knock on wood) and it had to deal with being charged two overdraft fees when I shouldn't have been charged but once. The lady I talked to was very nice and refunded me the $70 and didn't charge me the original overdraft fee.