Insurance companies have been in the news lately for reducing—or even ending—home insurance coverage in areas vulnerable to natural disasters.
The Consumer Financial Protection Bureau (CFPB) is educating homeowners on their rights and how to take action if their coverage is cancelled or costs unexpectedly skyrocket. For example, some homeowners may not know that they should ask an insurer to reconsider a notice that their coverage won’t be renewed. In addition, most states and the District of Columbia have FAIR plans that provide coverage even in areas where insurance companies have decided not to sell policies.
Homeowners who need help dealing with their mortgage servicers about a home insurance issue can submit a complaint through the CFPB, which will work with the mortgage company to get a response.
NTEU is proud to represent the CFPB employees who make sure Americans are treated fairly by banks, lenders and other financial institutions.