How To Get Demolition Company Free?

Home was flooded by Hurr. Ike. I have a home equity loan /force-placement Ins. How can I get a policy to read?

• My home was flooded by Hurricane Ike in Texas. I have a home equity loan with a credit union. My homeowners, flood and wind insurance lapsed. The credit union took out force placement of insurance. I did not have any policy information or description of what type of coverage and for what $ amount the home was insured prior to Hurricane Ike. Intially, following Hurricane Ike I contacted the credit union to seek information on what I should do following a storm. I was told that I did not have any insurance, the credit union was the insured and I hung up without any answers or guidance. After the city began allowing homeowners to return to their homes. I arrived to a home that had been flooded with about 3 1/2ft. of water. I called the credit union and spoke with a supervisor in the mortgage dept. I explained the damage to the home, again, I was told the same statement, you are not insured, the credit union is. I asked her to put that in writing so that I could contact other agencies for help. This supervisor said she would send the letter to my email. I have never received such a letter. I hung up the phone, understanding that my property had no Ins. coverage. Demolition and clean up began on my property that day. Later in the month I called the mortgage dept to ask how I could be released from force placement insurance. During the conversation with a secretary I was then informed that I could file a claim on my property from Hurricane Ike. I then found out their was a flood and wind policy. I was given the number to call to place a claim with this Insurance Co. I asked for a description of coverage and a policy. I was able to get the $ amount on the coverage. But to this date, I still can not get the credit union or Ins. company to forward a policy to me. I don't know if I have actual cash value or replacement cost value. My question is since I am paying on the policy should I be able to have a policy to read. I have not been late on my mortgage payments and my forceplacement ins. is escrowed. To complicate matters I was told that I have one of two options on my property. The credit union may allow me to make repairs or based on the amount of damage the insurance adjuster determines on his report. The credit union may make the decision to apply the amount of the check from the insurance company to the loan balance. This would leave me a home that is damaged and a monthly mortgage payment. What do you think?

• Answer:

  You can't get this policy, it's not yours. And it doesn't matter, because this policy doesn't cover YOU, or YOUR STUFF. It only will pay the MORTAGE company. And THEY won't fix your house with it. Although you pay for forced placement coverage, it's not your policy, and you are not covered. You are not entitled to a copy of it. You cannot put a claim in on it, and you will not get paid. It's neither replacement value or actual cash value, as it only covers up to the loan balance. If you read the documents on it, you'll most likely see that they all say, "this does not protect you, or your interests". That's why it's NOT a good idea to rely on forced placement coverage. Yes, you very well could be left with a damaged home, and a monthly mortgage payment. Yes, it's entirely up to the credit union, if their policy is going to reimburse you for repairs, AFTER THEY ARE MADE, or not. This is how forced placement coverage works. It is NOT a substitute for insurance, for YOU.