Hi
I bought a home two years ago. My policy expired after one year and I did not notice that. 7 month later the bank informed me that there is no insurance on the house and I need to provide insurance proof or they will buy an insurance on my behalf. Immediately after I received the mail, I bought the insurance and provide it to the bank. Two weeks later, I received a new mail that since I did not have insurance for 7 months they buy and insurance for that past 7 months and will charge me for it.
Question
1- how can a bank buy insurance in the past?
2- since in that period of time (7 month in past) I did not receive any letter from bank regarding the insurance can they actually do that?
3- I know in the contract it is required owner to have the insurance. However for the period in the past that there was no insurance can bank actually charge an insurance price? note that this is not a penalty, this is an insurance amount that they charge me for.
Thank you.
I bought a home two years ago. My policy expired after one year and I did not notice that. 7 month later the bank informed me that there is no insurance on the house and I need to provide insurance proof or they will buy an insurance on my behalf. Immediately after I received the mail, I bought the insurance and provide it to the bank. Two weeks later, I received a new mail that since I did not have insurance for 7 months they buy and insurance for that past 7 months and will charge me for it.
Question
1- how can a bank buy insurance in the past?
2- since in that period of time (7 month in past) I did not receive any letter from bank regarding the insurance can they actually do that?
3- I know in the contract it is required owner to have the insurance. However for the period in the past that there was no insurance can bank actually charge an insurance price? note that this is not a penalty, this is an insurance amount that they charge me for.
Thank you.
Home Insurance: Bank Charging for Lapse of Insurance in the Past
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