How do you want to learn about lender-placed insurance?
What's lender-placed insurance?
If your insurance lapses or you don't have enough coverage, we're required to purchase insurance on your behalf. We do this so your home can be repaired or rebuilt if it's damaged.
Coverage requirements for different types of insurance:
- Homeowners insurance. You're required to have at least 100% of the estimated cost to repair or replace your home covered. Learn more about homeowners insurance.
- Flood insurance. Your flood insurance coverage has to be at least equal to the lowest of these options: 100% of the estimated replacement cost value for your property; combined outstanding balance of all loans and maximum line of credit limits; the maximum amount of coverage available under the National Flood Insurance Program (currently $250,000.00 for residential buildings)
Keep in mind that there are pros and cons to only getting the minimum amount of insurance required. If you only have the minimum amount required, it may not be enough to pay for all of the needed repairs after a flood. Be sure to discuss your flood insurance needs with your insurance company.
Learn more about flood insurance.
What's the difference between lender-placed insurance and insurance I purchase myself?
Will Wells Fargo purchase lender-placed insurance without my knowledge?
How will I be billed for lender-placed insurance?
Can I cancel lender-placed insurance?
How can I prove that I have adequate insurance?
Please email the declarations page of your homeowners insurance policy – which is usually the first page – to wellsfargo@mycoverageinfo.com. The declarations page tells us the amount of coverage and other details of your policy. If you don’t have the declarations page, you can also email your insurance binder. Make sure to include your account number on the documents you send. Please note that this email is for submitting documents only. If you have any questions regarding your insurance, please call us at 1-866-826-4884.
For more details on how to send us proof of adequate homeowners insurance, visit our property insurance website.