What is a lender placed policy?

A. If Chase does not receive proof of a required flood insurance policy within the allotted time, we will purchase a policy on your behalf to protect your property. This purchased policy is also known as a lender placed policy. The policy purchased on your behalf may be at a much higher rate than a policy that you may be able to obtain yourself through a local agent. If you have a lender placed policy on your loan and you have questions about flood policy coverage, the amount of protection of your policy, cost of flood insurance policy or any other questions, please contact the Insurance Processing Center (IPC) toll free at 1-877-530-8951.  more