Homeowners and private mortgage insurance cover more than the structure of your home. When you’re sure that your investment will be protected, you’re also safeguarding your peace of mind.
Homeowners Insurance: What You Need and How to Get It
So many great moments happen in your home. However, for those not-so-great ones, homeowners insurance can cover the costs of damages (fire, flooding, etc.), theft, temporary housing, replacing your belongings, and more. This is why Greater Nevada Mortgage requires that you maintain adequate insurance coverage for the life of your loan.
How To Choose a Homeowners Insurance Policy and Provider
Choosing your homeowners insurance is up to you. When choosing a provider, make sure they are licensed and authorized to do business in your state. Then, double check that the policy meets the property insurance requirements for your mortgage loan.
What Happens if You Don’t Have Homeowners’ Insurance
If your insurance ever lapses or we don’t receive proof of adequate coverage, Greater Nevada Mortgage will purchase insurance on your behalf. This is called lender-placed insurance, and it has serious disadvantages compared with most insurance policies.
If you received a letter from us requesting updated insurance information, click the external link below to be redirected to our Insurance Verification Form on MyInsuranceInfo.com. You will need the Reference ID or control number found on the letter you received.
Need Greater Insurance Coverage?
At Greater Nevada, we like to work with people we trust. Greater Nevada Insurance (GNI), a fellow subsidiary of Greater Nevada Credit Union, offers policies for home, renters, business, automobile, life, pets and more.1 Plus, the more policies you have with GNI, the more you can save!
Here’s a selection of frequently asked questions about insurance. Don’t see your question listed? Give our Loan Servicing team at 775-888-6999 or 800-526-6999, or email us at GNMLoanServicing@gnms.com.
Can I change my insurance carrier?
Yes, you can always switch insurance companies. Your new insurance company must meet the rating requirements and list Greater Nevada Mortgage in the loss payee clause as: Greater Nevada Mortgage, Its Successors and/or Assigns, Control #7500, as Mortgagee PO Box 2425 Sioux City, IA 51106.
How much insurance do I need?
The terms of your mortgage require that you have enough insurance to cover at least 100% of the insurable value of improvements, as established by the property insurer; or equal to the unpaid principal balance of the mortgage, as long as it equals 80% of the insurable value of improvements.
However, that may not be enough to protect you financially. Ask your insurance agent if you have enough coverage to protect you from personal liability for accidents that happen on your property and to replace your personal belongings if they are damaged, destroyed, or stolen.
What is the minimum deductible amount for my home insurance?
The maximum allowable deductible is 5% of the face amount of our homeowner’s insurance policy.
Can I just let my insurance policy lapse and get a new one later?
We regularly check to make sure that you have homeowners’ insurance the whole time you have the loan. Any lapse will result in lender-placed coverage.
What is lender-placed insurance?
If you don’t have insurance or enough coverage for your home, Greater Nevada Mortgage will obtain a policy to protect our investment and activate lender-placed insurance. But, lender-placed insurance can be much more expensive, and it only covers the structure of your home. It doesn’t protect you from personal liability or cover the things inside your home.
The best and most complete insurance is the kind you choose with a trusted insurance professional. When you show proof of valid and adequate insurance, we’ll cancel the lender-placed insurance policy and only charge you for the period of time you did not have proper insurance coverage.
What if my home is damaged and I need to file a claim?
Please visit our Insurance Claims page to view full details on submitting an insurance claim for your home.
1 Available insurance products are not deposits of Greater Nevada Credit Union. Products are not protected by any type of deposit insurance, are not obligations of or guaranteed by Greater Nevada Credit Union or its affiliates, and may be subject to risk. Insurance products are not insured or guaranteed by the National Credit Union Administration (NCUA) or any other agency of the United States. Any insurance required as a condition of the extension of credit by Greater Nevada Mortgage need not be purchased from our Agency but may, without affecting the approval of the application for an extension of credit, be purchased from an agent or insurance company of the customer’s choice.
2 These conditions may change from time to time without prior notice.
3 A “good payment history” means no payments 60 or more days past due within two years and no payments 30 or more days past due within one year of the cancellation date.
4 “Original value” means the lesser of the contract sales price of the property or the appraised value of the property at the time the loan was closed.