Mortgage Insurance Denial Lawyers
Housing prices in British Columbia, especially in Vancouver and the lower mainland area, have been climbing for years now. What naturally comes along with climbing housing prices is larger and larger mortgages. What would have been the purchase price of a large home 20 years ago is now the down payment on a townhouse and when disaster strikes and someone dies, falls ill, becomes disabled or loses their job, their mortgage still needs to be paid. In times like these Mortgage Insurance, sometimes called Mortgage Protection Insurance, is purchased to help cover mortgage payments or to pay off the balance of a mortgage depending on the insurance policy and the situation.
Different Kinds of Mortgage Protection
There are different types of mortgage protection that are available for purchase, these can include:
- Mortgage Protection Life Insurance
- Mortgage Protection Critical Illness Insurance
- Mortgage Protection Disability Insurance
- Mortgage Protection Job Loss Insurance
Reasons for Denying Mortgage Insurance Claims
There are many reasons an insurance company may give you for denying your legitimate mortgage insurance claim, such as a misrepresentation or error in the mortgage insurance application, the circumstances surrounding a death, incorrect medical information or simply interpreting the terms of the policy in their favour.
Sometimes the denial of your mortgage insurance is not due to the actions (or inactions) of the insured, but the insurance broker or insurance agent who processes your mortgage insurance application. In these cases, you can sue to recover the insured amounts under your mortgage insurance policy from the negligent insurance agent or insurance broker.
There are also cases when it is the negligence of the bank or mortgage lender that cause a denial of your mortgage insurance claim. While the banks and mortgage lenders often offer mortgage insurance, it is often ancillary to their primary goal of getting you to sign the mortgage agreement. With the mortgage insurance being an afterthought, there can often be mistakes made or incorrect information communicated. If the negligence of a bank or mortgage lender caused the denial of your mortgage insurance claim, you can sue them to recover the insured amounts under your mortgage insurance policy
Mortgage Insurance is purchased to provide peace of mind to ensure a sudden death, injury or illness does not leave a large debt for your loved ones that they cannot afford to pay. When a legitimate mortgage insurance claim is denied, it can be devastating. You or your loved ones should not have to worry about losing their home at a time when they are grieving the loss of a loved one or dealing with a debilitating injury or illness.
Insurance Denial Help
The lawyers at Taylor & Blair LLP have been dealing with insurance companies and denied coverage for over 30 years. We’ve handled many mortgage insurance claims and have made sure that our client’s get the fair compensation they’re entitled to. The facts of each case are unique and will turn on the specific wording of each policy. Every policy is different, and it can take an experienced insurance lawyer to tell whether or not you have a case against your insurance company.
There are strict timelines in which you must act if you need to sue to enforce your rights under your mortgage insurance policy. If you fail to act within these timelines, you can be statute barred from bringing your claim forward.
If you have a denied mortgage insurance claim, contact the lawyers at Taylor & Blair LLP today.