I pay my hazard insurance premium directly to my agent/company. Why does MassHousing need proof of my payment?
As your mortgage servicer, MassHousing is obligated to ensure that you maintain hazard insurance in an amount sufficient to protect the interests of your mortgage holder (Mortgagee). In order to do so, you must furnish proof that you maintain, or have reacquired adequate coverage any time your current policy expires or is cancelled for non-payment or non-renewal. Failure to do so on a timely basis may result in MassHousing obtaining lender placed insurance coverage to protect the mortgage holder’s interest only, the cost of which will be passed on to you. In the event lender placed insurance coverage is obtained and you do not have complementary coverage, your personal property, equity and other interests will not be protected. For more information, contact a Home Ownership Mortgage Service Center Representative at 888.843.6432 (888.the.MHFA).
Related Questions
- Many of my customers are asking if they can pay open invoices directly from my company web site. Does the AssureBuy Payment Gateway allow me to offer this service?
- My agent gave me a quote but the insurance company is charging me a higher premium than we originally discussed. Must the company honor the agentsquote?
- What happens to my Northern Capital Insurance Company coverage/premium/payment plan?
