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Homeowners Insurance - FAQs

What’s homeowners insurance?

Homeowners insurance can protect you financially from fires, theft, and other events. It also protects our financial interest in the property. That's why we require you to have at least 100% of the estimated cost to repair or replace your home covered. Learn more about how homeowners insurance works.

Why does Wells Fargo Home Mortgage require at least 100% repair or replacement cost coverage?

As your lender, we have a financial interest in the property, just like you do. Repair or replacement cost coverage means that your home can be repaired or rebuilt to its original condition if something happens to it.

Keep in mind insurance requirements vary by property type. Certain types of properties, like condos and investment properties, may have different requirements. Talk to your insurance provider for the specifics.

What if I don't have enough coverage?

We'll contact you if you don't have enough coverage. If you don't increase your coverage, we'll purchase a lender-placed insurance policy for you which may be more expensive and provide less coverage than insurance you purchase on your own.

How can I prove that I have adequate insurance?

You’ll need to send us a copy of the declarations page of your insurance policy, which is usually the first page. It tells us how much your home is covered for and gives us the details of your policy.

How do I pay my homeowners insurance premiums?

If you have an escrow account, we’ll add the insurance premium to your monthly mortgage payment and keep it in your account. When your homeowners insurance bills are due, we’ll use the money in your escrow account to pay them on your behalf.

If you don’t have an escrow account, you’ll pay the premiums to your insurance company.

How do I file an insurance claim?

The first step is to contact your insurance company. Learn more about insurance claims and repairing your property.