I escrow my home insurance through my mortgage company they paid it late and my home owners policy cot cancled now I am unable to get insurance because I have a lapse policy on my record
1 Answer from Attorneys
The state of WI runs a high risk insurer for those who cannot otherwise buy insurance on the open market. Use that as a last resort if the mortgage company doesn't have a better idea, but either way, make sure your home gets insured ASAP, since you (and the bank) would lose the entire value of it if you had a fire or other loss during the lapse. Even if it is the bank's fault, insurance lapses are also a technically a common reason for foreclosure. The bank may have already obtain "forced placed" insurance, as allowed by their mortgage, but that probably will not protect your interest at all.