|
Best Insurors > Jim Walter Homes Customers > Home Insurance Requirements
Home Insurance Requirements
- MINIMUM COVERAGE TYPE
The minimum insurance coverage required under the terms of your mortage must cover damages caused by the hazards that fall under a basic dwelling insurance policy, commonly known as Fire and Extended coverage. Some of the causes of insurable loss under the fire and extended dwelling policy include losses arising from fire, lightning, windstorm, and hail. There are several other common types of losses covered under a fire and extended dwelling policy. Please consult your policy for specific terms or contact your Best agent. - MINIMUM POLICY COVERAGE AMOUNT
The minimum Fire and Extended policy amount must at least cover the outstanding balance of your mortgage. The outstanding balance on your mortgage does not always equal the value of your home. Please contact Best Insurors to purchase additional coverage if you decide the insured amount needs to increase. Best Insurors will use a fair market evaluation to determine the maximum possible value of an insurance policy. - WHO SHOULD BE 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
It is required in your mortgage to have a Mortgagee Clause to protect your mortgage servicing company for as long as you have an outstanding mortgage balance. The named insured is based upon who your mortgagee is:
Mid State Homes Inc and/or its assignees as their interest may appear
P. O. Box 30487
Tampa, Fl 33630-3487
**Be sure to include your account number**
Or
Walter Mortgage Company
P. O. Box 14469
Fort Worth, TX 76117
**Be sure to include your account number**
|
