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For seven years Wells Fargo has accepted the HOA insurance policy (including flood) on our condo. Seeing a way to scam the consumer and add to their coffers, Wells Fargo informed us that we had to provide $182,500 in additional flood, and if we did not, they graciously offered to supply us with a policy at, I am sure, a hugely inflated rate. We have a one bedroom condo, but they did not differentiate between our smaller unit and two and three bedroom units. Also, our mortgage is two thirds of what they want us to insure the condo for.

To add to this story, I have been given four different answers by Wells Fargo reps. One said we were covered by the HOA, then a letter saying we were not, then another said we were, and the last said our personal policy (to the tune of $1,600) would be OK.

Here is a link to a NY Times article that speaks about what Wells Fargo and others are doing:

http://www.nytimes.com/2012/01/22/business/hazard-insurance-with-its-own-perils-fair-game.html.

Review about: Wells Fargo Mortgage.

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Anonymous
#494573

I feel your pain.I am going thur the same above experience.

Wellsfargo slapped on an additional forced lender flood insurance for $3600. First of all, I have adequate coverage thur the HOA, and secondly this is a 4.5 mark up from the same coverage I can get from another local agent. This is outright greed and a money grab. I have spent over 10 hrs with Wellsfargo customer service with a different response each time.

These are minions reading off a script with no follow up. This is the worst treatment of customers I've ever seen. DO NOT GET YOUR MORTGAGE THRU WELLSFARGO.

AVOID A BAD EXPERIENCE.GO SOMEWHERE ELSE.

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