Boat Insurance Farm Bureau
Can our mortgage company force us to go with your insurance company?
We are in the process of trying to refinance with a new mortgage company. Currently, we have home insurance through Farm Bureau Insurance, as well as boats, cars and life insurance. The mortgage company who are refinancing saying we should have and the escrow account and pay the insurance of your own property instead of Farm Bureau. I do not want to do this because we have a multi-line discount the Farm Bureau, and I like them. They can do this?
Absolutely not. In fact, by law they are required to have signed a "aint-coercion" disclosure. Says they do not have the instructions to you, or necessary to use a specific insurance company to ensure closing of your loan. Big no-no. The law was put into cto protect consumers from companies who offer each other kick backs. "Please send me business, and I'll send you business. "It's fraud. You are encouraged as a consumer to buy the best deal. This applies to the insurance company, mortgage company, the title company, etc. Kick back and "government" is seriously frowned upon by the Department of Banking and regulations. They are risking their licenses.
Farm Bureau Insurance – Jackson, TN
