We were originally financed with Conseco, who tried to get us to use their insurance , but we insured our property and home with Farm Bureau. Then Green Tree took over our mortgage and within a few months started sending us letters stating we did not have adequate coverage. We had our insurance agent send them the forms showing our policy coverage. Green Tree kept sending letters, and again our agent sent more forms.
We recently recieved a letter stating that They ( Green Tree ) are going to put their insurance on our home , because we did still did not have enough coverage. Which according to our agent, we had more coverage than Green Tree's coverage would be, but at one third the cost.
We have filed a formal complaint with the Oklahoma Insurance Commission, and are awaiting any results. this could take some time, in the meantime we have only a week or so to comply with Green Tree's demands. Our agent informed us the only difference in our current policy and the one they insist we have is the word Comprehensive which is not stated in the HO2 Broad Coverage policy. Or the Term All Perrils.
According to our agent the differences are as follows:
1: HO1 Basic Coverage limited coverage
2. HO2 Broad Coverage covers everything HO3&5 but must show cause of damage
3. HO3 Special Form no proof of cause of damage
4. HO5 Special Form w/ Higher Limits
We currently have a HO2 policy w/coverage to outer buildings, and personnal affects, which the policy Gree Tree is trying to force on us does not. In speaking to the Insurance Commissioner, he stated that after reveiwing our policy , that we have more than enough coverage and it seemed that Green Tree is trying to con us into using their insurance, just because of the wording and not the actual coverage of the policy.
There are a large number of complaints being filed with the office of the Oklahoma Insurance Commission, and an investigation is soon to follow. But, until an investigation is conducted and the results obtained, we the Manufactured Home Owners here in Oklahoma and around the country that have our mortgages with Gree Tree are helpless, and must pay outlandish prices for our insurance.