If you have a mortgage on your home, you need to read this post. Your insurance company must add your mortgagee clause and loan number to your policy. This guarantees that a copy of your policy is sent to your mortgage on your behalf. The mortgage company will require evidence of your policy annually to prevent them adding a policy for you. If you have an escrow account, it also insures the invoice is sent to the correct place for payment.
What is a Mortgagee clause?
It’s the address the mortgage company uses for insurance purposes. It is not the same as their corporate address. Nor the place where you send your mortgage payments. It’s a seperate specific address just for insurance. You can often tell if you have the right address if the second line includes ISAOA. This is short for It’s Successors and / or Assigns. Almost all mortgagee clause addresses will include this accronym.
How can I locate this address?
Some mortgage companies will send you a letter when you are sold to them with this address listed. The letter often advises you to contact your insurance company and update your policy. If you do not receive this letter, you can call your mortgage company anytime to get it. Customer service will be able to give you this address once you identify yourself with your loan number.
What do I do with the address?
Give us a call or send me an email. Once we have the full mortgagee clause and your loan number, we will update your policy and send the mortgage company a copy. If you ever refinance, make sure you do this again at that time. It’s important that we keep this accurate for escrow accounts so payments do not get missed.
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