Consumer complaint received 2022-08-19
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (FL)

My main issue is that Bank of America ( BofA ) required me to over insure their loan collateral. I owed BofA approximately {$260000.00}. in XXXX of XXXX and they required insurance coverage of {$730000.00}. As a result, their cost estimator of {$730000.00} was over the XXXX XXXX XXXX 's upper limit of coverage resulting in a XXXXXXXX XXXX non-renewal. As you can see from the attached documentation BofA charged me {$9700.00} for {$730000.00} in Insurance coverage from XX/XX/XXXX through XX/XX/XXXX. I tried to get another insurance company to write my XXXX insurance but couldn't find anyone along with my insurance agent looking as well. My insurance agent is XXXX XXXX with XXXX XXXX XXXX located at XXXX XXXX XXXX XXXX, XXXX XXXX, FL XXXX, Phone : XXXX XXXX XXXX. In order to get XXXX XXXX XXXX XXXX to write a new policy within their limits of coverage I had to get a 4 Point Inspection and a Wind Mitigation report which was costly and time consuming, but it did result in a decreased replacement cost estimator. Attached is the new " Evidence of Property insurance '' document based on a cost estimator of {$580000.00} instead of the {$730000.00} amount that BofA used. Also attached is a letter from BofA stating that I had 30 days from XX/XX/XXXX which was the date of their letter to provide proof of insurance. Due to need of obtaining a new cost estimator cost ; which required the two inspections mentioned above along with an additional 30-day grace period for new XXXX 's policies to take effect, I couldn't make the XX/XX/XXXX deadline and instead had to wait until XX/XX/XXXX for my new XXXX policy to take effect. I've been with my mortgagor ; BofA, since XXXX along with XXXX XXXX as well and considering the circumstances of BofA 's inflated replacement cost estimator one would think that BofA might be understanding and considerate enough giving me more time to obtain the appropriate XXXX coverage. Since XXXX I've kept my XXXX and XXXX & XXXX along with my flood insurance current and continuous except when BofA comes up with an impossible inaccurate replacement cost estimator. 

My mortgage account number with BofA was recently changed to XXXX from my old account number XXXX. The address of my insured home mortgaged by BofA is XXXX XXXX XXXX XXXX, XXXX XXXX, FL XXXX. The XXXX XXXX XXXX XXXX policy number as reflected by the attached XXXX document is XXXX. Their address is XXXX XXXX XXXX, XXXX XXXX NC XXXX and their phone number is XXXX XXXX XXXX. XXXX 's annual premium as reflected by the attached document was {$32000.00} but supposedly {$23000.00} was returned to my BofA account due to my new XXXX 's policy taking effect on XX/XX/XXXX. If you do the math the charge to my BofA account comes out to {$9700.00} for the XX/XX/XXXX through XX/XX/XXXX coverage. I'm XXXX years old and bought my home 30 years ago come this XXXX and can't afford to pay the {$9700.00} due to insurable inaccurate technicalities. Please see what you can do to help me out here. Thank you for your time and consideration. 

Sincerely, XXXX XXXX XXXX XXXX XXXX