Protecting
An Investment:
What Consumers Need to
Know About Lender-Placed Insurance
Today,
consumers use credit to purchase almost everything from appliances to cars.
For smaller purchases, like a new TV or washing machine, most credit lenders
do not insist that a consumer buy insurance coverage. But for major purchases
like a new home or car, however, the lender expects the consumer to insure
the property against losses. Many consumers do not realize if they fail to
purchase the necessary insurance, the lender can buy a policy on their behalf
and charge the consumer. This type of coverage is referred to as
lender-placed insurance.
More... |