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.