[Screen Display] “Hello, let’s review the types of insurance documents & the information required to update your loan.”
[Speaker] In this video we will be covering the information that is required to correctly update your insurance documents to your loan. The most common types of documents that you may send in as proof of coverage, include declaration pages, certificates or evidence of insurance. Using this sample declarations page, we will be highlighting the information that must be included. Each policy is formatted differently, however this declarations page is also an example of where to commonly look for all of the information that is needed on the policy. On the top portion of the page, you’ll typically find the insurance carrier, name insured, and policy number. On the center of the page, you will usually find term dates, policy type, building or coverage amount, deductible amount, property address and premium. On the bottom of the page, you will typically find the mortgagee clause and loan number. If you have received a notice asking for the condominium master policy, this is what the document may look like. It must include the coverage details such has the building coverage amount. A condominium master policy provides proof of insurance purchased by the homeowner association, for the exterior parts of the building, such as the roof and also some internal areas, like elevators and hallways. To make sure your master policy is updated in a timely manner, be sure to add your name, property address, including your unit number, as well as a loan number. You must contact your homeowner association to request a copy of this document.
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