|
Best Insurors > Jim Walter Homes Customers > Frequently Asked Questions
Frequently Asked Questions
- How do I report a claim?
- When is a Jim Walter Homes, Neatherlin Homes (NHI) or a Dream Homes (DHI) customer required to have an insurance policy in effect?
- Who should be named on the insurance policy as the insured?
- I did not receive my policy in the mail, what should I do?
- What is the most basic type of home insurance coverage offered by Best Insurors?
- Why should I insure my home for its full value? How do I determine my home’s insurable value?
- Who needs “contents” coverage?
- Who is eligible for contents coverage? In which states are contents coverage offered?
- What is forceplaced coverage?
- Forceplaced insurance is bad! Why?
- How do I switch from forceplaced insurance to other types of home insurance?
- I received a letter and payment coupons about the renewal of insurance coverage on my house but it was already forceplaced. Why am I receiving this?
- I sent my insurance payment in late, do I still have coverage?
- I received a Notice of Cancellation and I don’t know why.
1. How do I report a claim?
Please call the Best Insurors claim phone number 800-925-8374 ext. 4685 or the direct phone number 813-871-4685. A claims representative will make a report from the claim information and advise you of the next steps to take. It is your responsibility to protect your property from further damage. When making a claim, please provide as much detail about the loss as possible.
Back to top
2. When is a Jim Walter Homes, Neatherlin Homes (NHI) or a Dream Homes (DHI) customer required to have an insurance policy in effect?
The required policy effective date is detailed in your sale contract with the builder, but generally it is the day the home is released to you. An insurance policy must stay in effect until your contract is paid in full.
Back to top
3. Who should be named on the insurance policy as the insured?
The homeowner(s) and the mortgage servicing company. If the customer has builder financing Mid-State Homes should be listed as the first mortgagee on the policy. If the customer is financed through Walter Mortgage Company, then Walter Mortgage Company should be listed as the first mortgagee. All insurance related correspondence for Best Insurors should be addressed to P.O. Box 30487, Tampa, Florida 33630. Mortgagee Clause, click here
Back to top
4. I did not receive my policy in the mail, what should I do?
Please call the Best Customer Service phone number 800-925-8374 ext. 4829. Just because you did not receive a paper copy of the policy does not relieve you of the obligation to have a current insurance policy in effect on your home. To maintain a Best Insurors policy, the payments must be made on time.
Back to top
5. What is the most basic type of home insurance coverage offered by Best Insurors?
Best Insurors offers a Fire and Extended coverage (F&EC) for a standard dwelling that covers the structure of your home for properties located in all states where Jim Walter Homes, NHI & DHI builds houses. The policy provides actual cash value coverage for damage to the structure of your home caused by the types of loss specifically listed in the policy. Additional contents coverage can be provided for those customers who pay an additional premium. Our customers living in Florida may also be eligible to purchase broader coverage in the form of a standard homeowner’s policy.
Back to top
6. Why should I insure my home for its full value? How do I determine my home’s insurable value?
If your home is totally destroyed as a result of a covered loss, and the limits of your coverage protects only the financed amount, you will not have enough coverage to protect any hard-earned equity you may have earned in your home. Example: If you purchase your house for $100,000 and it increases in value to $120,000 but your home burns down for a total loss, you would only receive $100,000 not $120,000 a loss of $20,000 to you.
By purchasing insurance for the full value of the home, you will provide yourself with coverage for any increased value in your home at the time of loss. Speak with your Best Insurors agent at 1-800-925-8374 ext.4829 to determine the amount of coverage that is available and whether its right for you.
Back to top
7. Who needs “contents” coverage?
Any homeowner who wants to protect the personal property in his or her home such as furniture, clothing, dishes, linens, etc., in the event of an unexpected covered loss. Without contents coverage if your home burns down for a total loss, you would get no reimbursement from your insurance policy for what was inside your home.
Back to top
8. Who is eligible for contents coverage? In which states are contents coverage offered?
Best Insurors can offer contents coverage to anyone who purchases a Fire and Extended coverage policy from Best Insurors. We do not, however, offer contents coverage to a customer who has had his or her insurance forceplaced. Any insurance coverage that has been forceplaced by the mortgage servicing company is not eligible for contents coverage from Best Insurors.
Back to top
9. What is forceplaced coverage?
Forceplaced insurance is insurance coverage purchased by a mortgage servicing company to protect the mortgage servicing company against risk of damage to your property serving as collateral for your mortgage. Forceplaced coverage is necessary because a mortgage servicing company does not have proof that you have an active, valid insurance policy covering the property. Reasons for this could be your mortgage servicing company did not receive a copy of your insurance policy from a company other than Best Insurors or Best Insurors did not receive payment to continue your policy with Best. Forceplaced insurance is purchased as a result of a homeowner’s failure to provide evidence of insurance coverage on the home as required by the contract documents. The cost of forceplaced coverage is initially paid by the mortgage servicing company, but it is wholly the responsibility of the homeowner to pay for the coverage. If your insurance coverage is forceplaced, you will ultimately be paying the premium for it.
Back to top
10. Forceplaced insurance is bad! Why?
Forceplaced insurance only provides protection up to the amount you owe to the mortgage servicing company, and nothing goes to you the homeowner in the event of a covered loss. The cost of forceplaced insurance will then be added to your contract balance, and you will be paying a finance charge on the additional amount at the same rate listed in your contract. There is no protection for any home equity you may have accumulated in your home.
Example: If you purchase your house for $100,000 and you have paid down your Mortgage principle by $30,000 ($100,000-$30,000 =$70,000 mortgage balance) and over that time the home value increased to $120,000 but your home burns to the ground, after the fire, the forceplaced insurance policy pays $70,000 to your mortgage servicing company to pay off the ,mortgage balance and you are paid nothing. You lose the equity in the home of $50,000. ($120,000 new value of home-$70,000 outstanding on mortgage = loss of $50,000)
Back to top
11. How do I switch from forceplaced insurance to other types of home insurance?
A customer must pay for an insurance policy either from Best Insurors or from another insurance carrier that you choose and send proof of the insurance to your mortgage servicing company.
Back to top
12. I received a letter and payment coupons about the renewal of insurance coverage on my house but it was already forceplaced. Why am I receiving this?
The renewal date of your existing insurance coverage must be getting close. As a result, the letter and coupons have been sent to you as a reminder that you need to obtain insurance coverage. It also provides you with an opportunity to purchase insurance through Best Insurors and protect the equity in your home, rather than have the forceplaced coverage again. When a home is forceplaced by a mortgage servicing company, the insured value of the home is set at the outstanding amount of the mortgage not necessarily at the market value of the home. To protect the equity in your home please contact an insurance provider for a review of your insurance needs.
Back to top
13. I sent my insurance payment in late, do I still have coverage?
This depends on how late your payment was received and if a Notice of Cancellation has already been mailed. In limited circumstances, some canceled policies may be reinstated with minimal effort. If you believe that your premium payment to Best will not be received on time, please call us. To check the status of your Best insurance coverage you may call, Best Insurors at 800-925-8374 ext 4829. There are alternative methods of payment.
Back to top
14. I received a Notice of Cancellation and I don’t know why.
This notice means that your insurance coverage will expire as of 12:01 a.m. on the effective date listed on the Notice of Cancellation. The reason for cancellation is also printed on the notice. Please contact Best Insurors if there are any questions you have after reading the notice at (800) 925-8374 ext. 4829.
How to contact Best Insurors, click here
We value your business and appreciate the opportunity to meet your insurance needs. If there are any additional questions not answered here, please contact us at 1-800-925-8374 ext. 4829.
Back to top
|
