![]() ![]() Your coverage must be equal to or more than the total amount of all loans on your home or have the full replacement cost guaranteed. ![]() Homeowners Insurance - Also known as hazard or fire insurance, it is insurance that covers your home or residence.Let's review the types of common insurance policies: You may be asked annually to provide Pennymac with proof of coverage for required insurance policies. To find out who is currently responsible for paying your insurance premiums, log into your Pennymac account and select Escrow, Homeowner's/Hazard Insurance(s), and Responsible Party. It is important to keep Pennymac up to date with your insurance information, especially if you update anything on your policy or policies, change insurance carriers, change your mortgage servicer, or even if you change your name. There are several types of insurance, and various requirements for the amount of coverage, deductibles, and whether or not you have to have an escrow account for these policies. When you purchase or refinance a home, one of the things you have to think about is insurance on the property securing your loan. ![]()
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