The issue with it is that it protects the bank's interest in the property ONLY. If you refinance a home with a 100k loan on a 300k RC house (since you have been paying it off) and a storm blows it away, you lost a house. Doubt it happens often but basically you are getting a shell of a policy.
I have yet to see a client NEED force-placed though other than being in a flood zone not qualified for federal flood, and even then the client could have probably found something elsewhere.
