Home Owners Insurance

As a homeowner, you take the risk that fire or other catastrophes may damage your property. In addition, there is the possibility that someone may be injured while on your property and hold you responsible. It is, therefore, important to protect your home investment with adequate insurance coverage.

Homeowners Insurance covers losses from fire and other catastrophes.

If your home is located in a Special Flood Hazard Area, you are required by law to maintain flood insurance coverage equal to the greater of your remaining loan balance or 80% of the replacement value of your property improvements (but not to exceed the full replacement value of the improvements).

It is your responsibility to maintain insurance on your property at all times. The insurance coverage must be an amount at least equal to the replacement cost of the improvements on your property (the home itself) or the outstanding principal balance of your loan, whichever is less. Adequate flood coverage is required if your property is located in a special flood hazard area.

If we do not receive proof of insurance, we will obtain an insurance policy for dwelling coverage only (not additional contents or liability). As the lender, we do this to protect our interest in your property. The premium will be charged to your escrow account. You will be given prior written notice that we plan to obtain this insurance, which is authorized by your Mortgage. If we obtain this insurance, we will cancel it when you provide us with proof of coverage on your own policy.

We accept coverage from most insurance companies. If you choose to replace your current coverage, please send your replacement policy, along with your written authorization, to our office so that it arrives at least 30 days prior to the expiration of your current policy. Please keep in mind that if you change policies before your current policy expires, you may not receive a full refund from your current insurance company.

Please notify your insurance agent immediately when there is damage to your property. Insurance company claim proceeds are in check form and will require our endorsement.