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Lender-Placed Insurance - FAQs

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?

Insurance you get through your insurance agent provides the most complete coverage. Lender-placed insurance is more expensive and covers only the structure of your property — it doesn't cover the contents of your home or protect you from personal liability. Learn more about how lender-placed insurance works.

Will Wells Fargo purchase lender-placed insurance without my knowledge?

No. If we find a problem with your insurance, we'll send you letters explaining what you need to do. If we still don't receive acceptable proof of insurance, we'll let you know we're getting a lender-placed policy for you.

How will I be billed for lender-placed insurance?

We'll add the insurance premium to your monthly payment. The money will stay in an escrow account until your bills are due. Then we'll use that money to pay the bills on your behalf.

Can I cancel lender-placed insurance?

Yes. When you provide proof of acceptable coverage, we’ll cancel the lender-placed policy.

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 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.

What should I do if I can't afford my insurance premium?

If your insurance isn't included in your monthly payment and you're unable to pay the premium, please call us at 1-800-357-6675 before your coverage expires. We can discuss options for paying the premium on your behalf. If we advance the premium for you, we'll add the cost to your future monthly mortgage payments.