BOSTON – The largest force-placed insurance company in Massachusetts has agreed to provide refunds to homeowners who were improperly charged for force-placed insurance policies, Attorney General Maura Healey announced November 23rd.
Under the terms of the assurance of discontinuance, filed today in Suffolk Superior Court, American Security Insurance Company, a subsidiary of Assurant, Inc. (Assurant), will refund premiums to thousands of Massachusetts homeowners who were required to purchase unnecessary or overpriced force-placed insurance policies. See complete press release here.
The settlement provides full refunds for the periods of duplicative insurance coverage for any person who had acceptable homeowners insurance at the same time he or she was force-placed by a mortgage servicer. The settlement also requires refunds for policyholders who were overcharged for force-placed insurance policies because they were mistakenly sold commercial policies rather than less expensive residential policies.
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