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Homeowners insurance can protect you financially from fires, theft, and other events. This is why Greater Nevada Mortgage requires that you to maintain adequate insurance coverage for the life of your loan. Choosing your homeowners insurance is up to you. As long as the provider is licensed and authorized to do business in your state, and the policy meets the property insurance requirements for your mortgage loan.  If your insurance ever lapses or we don’t receive proof of adequate coverage, Greater Nevada Mortgage will purchase insurance on your behalf. This is called lender-placed insurance, and it has serious disadvantages compared with most insurance policies.

If you received a letter from us requesting updated insurance information, click the external link below to be redirected to our Insurance Verification Form on  You will need the Reference ID or control number found on the letter you received.

Online Insurance Verification
Asistencia en Espanol:  Verification De Seguro

Need Greater Insurance Coverage?

Greater Nevada Insurance (GNI), our affiliate company, offers policies for everything that is key to your life including home, renters, business, automobile, life, pets and more. Plus, the more policies you have with GNI, the more you’ll save!  On average, our customers save $647* when bundling auto and homeowners insurance.

Click here to learn more about Greater Nevada Insurance and to get a free quote.

*Available insurance products are not deposits of Greater Nevada Credit Union. Products are not protected by any type of deposit insurance, are not obligations of or guaranteed by Greater Nevada Credit Union or its affiliates, and may be subject to risk. Insurance products are not insured or guaranteed by the National Credit Union Administration (NCUA) or any other agency of the United States. Any insurance required as a condition of the extension of credit by Greater Nevada Credit Union need not be purchased from our Agency but may, without affecting the approval of the application for an extension of credit, be purchased from an agent or insurance company of the customer's choice. Figure of $647 is a national average savings number from the previous 12 months of auto, homeowner, and packaged policyholders’ savings when compared to the policyholders’ former premiums. Individual premiums and savings will vary.

Private Mortgage Insurance (PMI) is required on your loan.  PMI protects lenders and others against financial loss when borrowers default.  Charges for the insurance are added to your loan payments.  Under certain circumstances, federal law gives you the right to cancel PMI or requires that PMI automatically terminate.  Cancellation or termination of PMI does not affect any obligation you may have to maintain other types of insurance.

Borrower Requested Cancellation of PMI

You have the right to request that PMI be cancelled.

In order to cancel PMI,  the following minimum conditions must be met. Additional conditions may also be required. See Guidelines for Cancelling PMI Section below.

  1. You must submit a written request for cancellation
  2. You must have a good payment history*, and
  3. If requested and at your expense, we must receive evidence that the value of the property has not declined below its original value and certification that there are no subordinate liens on the property.
To determine if you are eligible for cancellation of PMI on your loan, contact us at (775) 888-6999 or toll free at (800) 526-6999 or email

 *A “good payment history” means no payments 60 or more days past due within two years and no payments 30 or more days past due within one year of the cancellation date.  “Original value” means the lesser of the contract sales price of the property or the appraised value of the property at the time the loan was closed.

Guidelines for Cancelling Private Mortgage Insurance

You were required to obtain private mortgage insurance as a condition of obtaining your loan; you may cancel the private mortgage insurance (PMI) if you meet certain conditions. Your request to cancel PMI must be submitted in writing. There are several conditions under which you may qualify to cancel the PMI based on the cancellation options noted below. These conditions may change from time to time without prior notice.
PMI Cancellation Options available:

1. Request based on Original Value
  • Your current loan to value must be 80% or less based on the original purchase price or original appraised value, whichever was lower.
  • You must still occupy the mortgaged premises as your primary residence or your second home.
2. Request based on Current Value
  • Your current loan to value must be:
  • 80% or less if five years or more have elapsed since the origination date of the mortgage OR
  • 75% or less if two or more years, but less than five years have elapsed since the origination date of the mortgage.
  • You must warrant that the value of the mortgage premises, at a minimum, supports the loan to value ratio required to cancel the private mortgage insurance. Greater Nevada Mortgage must order a current appraisal to determine the current market value. You will be required to pay for the new appraisal.
  • You must still occupy the mortgaged premises as your primary residence or your second home.
3. Request based on Substantial Improvements
  • If substantial improvements to the mortgaged premised have increased the market value, we will allow cancellation of the private mortgage insurance at any time when the loan to value is 75% or less. For this purpose, the market value of the mortgage premises must be calculated using the current market value estimate in an appraisal that is prepared after the relevant improvements have been completed. The appraiser must state in the appraisal the specific nature, extent and cost of improvements made and the effect of the improvements on the estimated market value. The improvements must conform to local zoning and building codes.
  • You must still occupy the mortgaged premises as your primary residence or your second home.
  • You must warrant that the value of the mortgage premises, at a minimum, supports the loan to value ratio required to cancel the private mortgage insurance. Greater Nevada Mortgage must order a current appraisal regardless to validate the current market value. You will be required to pay for the new appraisal

Automatic Termination of PMI

If you are current on your loan payments, PMI will automatically terminate on the date the principle balance of your loan is first scheduled to reach 78% of the original value of the property.  If you are not current on your loan payments as of that date, PMI will automatically terminate when the loan becomes current.  PMI will not be required on your mortgage loan beyond the date that is the midpoint of the amortization period for the loan if the loan is current on the scheduled date.

Treatment for Loan Modifications

If the mortgagor or mortgagee (or holders of the mortgage) agree to a modification of the terms or conditions of a loan pursuant to a residential mortgage transaction, the cancellation date, termination date, or final termination shall be recalculated to reflect the modified terms and conditions of such loan.

How to Process Your Claim

We know that damage to your home or property can be very stressful.  That’s why as a Greater Nevada Mortgage client, you don’t have to worry.  We’re here to help!

Here’s how the claims process works:

Step 1:  Contact your insurance company to determine the amount of money needed to complete repairs and restore your home.  When insurance funds are issued, the check will be made payable to you and Greater Nevada Mortgage as the servicer of your loan.

Step 2:  *Click here to complete the Insurance Loss Report.  We will respond to your claim within 5 business days. 

Step 3:  Additional documents required to complete your claim:
  • Contractors bid
  • Contractor invoice
  • Insurance company estimate
  • Proof of loss statement (copy)
Submit by Email:
Add the documents as an attachment to an email addressed to:
Submit by fax:
Fax the required documentation to:
(775) 884-7040
ATTN: Claims

Step 4:  Once the repairs have been completed, please fill out the *Certification of Completion of Repairs form, print and sign.  Download Form
*Greater Nevada Mortgage uses DocuSign to support secure electronic forms and signature.  By accessing the Insurance Loss Report and Certification of Completion of Repairs links, you will verify your identify and electronically remit documents to us. If you are unable to complete the verification questions or have questions regarding the document for signature, please contact us at (775) 888-6999 or (800) 526-6999.
If you have any questions or need further assistance, please call us at (775) 888-6999 or 800-526-6999 and select option 2 or email our Claims Specialists at


Frequently Asked Questions

Can I change my insurance carrier?

Yes, you can change your insurance carrier at any time.  Your new insurance carrier must meet the carrier rating requirements and list Greater Nevada Mortgage in the loss payee clause as: Greater Nevada Mortgage Its successors and/or assigns, control #7500, as Mortgagee PO Box 2425 Sioux City IA 51106.  

How much insurance do I need?

The terms of your mortgage require enough insurance to cover at least 100% of the estimated replacement cost for your home and any improvements to your property or the amount of the outstanding mortgage loan balance that still ensures full replacement costs. However, that may not be enough to protect you financially. Ask your insurance agent if you also have enough coverage to protect you from personal liability for accidents that occur on your property, and to replace your personal property if it’s damaged, destroyed, or stolen. We need to make sure that the home can be repaired or rebuilt if something happens to it. Replacement cost coverage ensures your home can be repaired to the original condition.  

Can I just let my insurance policy lapse and get a new one later?

We monitor your loan to make sure you maintain continuous homeowners insurance coverage for the entire term of the loan, without letting it lapse for any period of time. Any lapse will result in lender-placed coverage. You can contact Greater Nevada Insurance for a policy quote at: toll free 844-813-4525.  

What is the minimum deductible amount for my home insurance?

The maximum allowable deductible is 5% of the face amount of our home owner’s insurance policy.  

What is “lender placed insurance”?

If you fail to maintain the type and amount of insurance coverage required, Greater Nevada Mortgage must obtain a policy on your behalf. This is called lender-placed insurance. Insurance you obtain through your insurance agent provides the best and most complete coverage. Lender-placed insurance can be much more expensive and covers only the structure — it doesn’t cover the contents of your home or protect you from personal liability. When you provide proof of acceptable coverage, we’ll cancel the lender-placed policy and charge you only for the time it was in place.  

What if there is damage to my home?

Let your insurance company know if your home has been damaged. Notify us as soon as you receive your insurance check.  We will work with you to process the insurance claim check and how funds will be released to you.  

Why is Greater Nevada Mortgage listed on my insurance claim check?

We both have a vested interest in your property and want to ensure it gets back to normal as soon as possible.  

Am I required to have a contractor complete the repairs to my property?

A contractor is only required under these certain conditions:
  • Amount of claim is over $40,000
  • Loan is delinquent greater than 30 days

How will I receive my funds?

Funds will be released upon certain milestones of completion. 20% is released immediately, 30% when the repairs are 50% complete, and remaining funds when the repairs are 100% complete. If the amount of the claim is $2,500 or less, the full balance will be released immediately.  

How do I cash my insurance claim check?

Since the check is made payable to both you and Greater Nevada Mortgage, the check will need to be signed over to Greater Nevada Mortgage.  As the mortgagee of your loan, we are required to monitor completion of the repairs and funds will be disbursed to you as repairs are being completed.
Insurance Coverage