Q: Why did I receive this notification of no current insurance on file from my lender?
A: Your lender does not have current insurance information on the collateral securing your loan. This information is required to be on file and updated annually.
Q: What is the best way to provide my lender with proof of current insurance?
A: The quick and secure way is to use our website to upload proof of current insurance from your computer, tablet or mobile device. Follow the steps on the website to help you through this process. You can also send your notice to your insurance agent and they can provide current insurance on your behalf.
Q: What insurance document do I need to send to my lender to satisfy proof of current insurance?
A: You can provide an insurance certificate, policy, or a Declaration Page (DEC page for short) which is a summary of your insurance coverages and effective date of such coverages. This is usually within the first few pages of your policy. You can always ask your insurance agent for their assistance as they are familiar with this process.
Q: Are there any special instructions or details that must be included with the proof of insurance?
A: Yes.
1. Verify that the insurance coverage for the collateral requested is correctly listed.
2. The insurance coverage must be for the current time frame.
3. Your lender that is requesting proof of insurance should be listed as mortgagee or loss payee.
Q: What if my insurance has expired?
A: You should contact your agent to have your policy renewed and request your agent send a copy of the updated insurance to your lender, making sure that the proof of insurance has the lender listed as mortgagee or loss payee.
Q: What if I do not respond to my lender’s notices?
A: If your lender does not receive proof of current insurance, your lender may or will purchase the required insurance on your behalf. The coverage obtained by your lender will be limited to only the interest of the lender. In the event of a loss, such interests in excess of those belonging to the lender will not be covered by this insurance policy. If you feel that you have an interest beyond that of the lender you should obtain adequate coverage to protect your interest. Also, the insurance coverage that your lender purchases may be more expensive than the insurance you can purchase yourself.