General Discussion

When you get a mortgage loan, you sign in agreement to maintain adequate insurance on the property. This can include a wind or flood policy, depending on your location.

While you get to choose the policy and insurer, the cost is typically escrowed and paid via your mortgage payment. Each year, the lender must receive an updated copy of your policy. If they do not, they will notify you and let you know that if they do not receive the copy of your renewed policy, they will have to procure a policy for you.

This Lender Placed policy is issued without the benefit that an insurer would normally have to assess risk. Because of this, the premiums are quite high.

All you need to do is call your insurance company and ask them to fax a copy of your renewed policy to the lender's/servicer's Hazard Insurance department.