| What is Homeowners/Hazard Insurance? |
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As a homeowner, you are at risk for fire or other catastrophes damaging your property. In addition, there is the possibility that someone may be injured while on your property and hold you responsible. It is important to protect your home with adequate insurance coverage.
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| Where do I send my Homeowners Insurance information? |
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Proof of ongoing, continuous insurance coverage for your home or any changes you may have made in your insurance coverage, can be mailed or faxed to this address:
ATTN: Insurance Administration:
State Financial Network, Inc.
1974 Sproul Road Suite 302
Broomall, PA 19008
610-325-5299
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| What happens if my Homeowners Insurance expires before I renew? |
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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 Loan Servicer, we do this to protect the Lender’s 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 insurance, which is authorized by your Mortgage. If we obtain insurance, we will cancel it when you provide us proof of coverage on your own policy. There will be a premium charge for the insurance policy obtained for any days that your insurance was not in effect.
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| Can I change insurance companies? |
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Yes. If you choose to replace your policy, please send your replacement policy, to our office so that it arrives at least 30 days prior to the expiration of your current policy.
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| Do I need flood insurance? |
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If your home is located in a Special Flood Hazard Area, you are required by law to maintain flood insurance coverage equal to whichever is greater: 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).
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