The amount of homeowner`s insurance (which is a type of property insurance) required is the amount needed to cover the cost of rebuilding/replacing your home. For example: if your unpaid principal totals $90,000, you need to carry insurance totaling at least $90,000.

Of course, we always recommend speaking to your insurance agent to make sure you get the coverage that`s right for you.

Wondering if you have to have homeowner`s insurance? Your loan requires you to have enough insurance to, at the very least, cover the remaining principal on your loan/or loan balance.

If you have a government loan, your insurance premium must be collected and paid with an escrow account with EMM Loans LLC.

News Flash: To request the removal of your escrow account, please send us a message via the message center at emmloans.servicingdivision.com/msg. Please note certain requirements may need to be met to qualify for the escrow account removal.

It`s important to note that in some situations your loan may not be eligible for escrow removal. If you have an FHA-insured mortgage, you must maintain the escrow account for the life of the loan. Again, it`s always best to speak to your insurance agent about your unique situation.

Yup, you can choose your own insurance carrier. However, we have some standards they must meet in order to make sure they`re providing you with the protection you need and deserve (because there are always bad apples in the bunch, and we don`t want you to get stuck with one).

We will approve a carrier as long as it maintains one of the following ratings as published in the A. M. Best Company`s Insurance report: a B or better policyholder rating or a 6 or better financial rating.

Of course, you can. If you do change your carrier, please notify us by sending a copy of the front page(s) of your new insurance policy. Make sure the page(s) include the insured`s name, address, policy period, location of premises, policy limits, and any other key information.

You can send the page(s) to the address below.

EMM Loans LLC ISAOA/ATIMA
PO Box 1194
Springfield, OH 45501-1194 

mycoverageinfo.com Referencing PIN MS194

News Flash: Some carriers may require a full year`s premium to be paid at the time of the change.

Don`t worry, we can take care of this. If there have been changes made to your insurance policy or carrier, we`ll need to know right away, so that we can keep your escrow account up to date.

Here`s what you need to do:

• Visit mycoverageinfo.com. You will be asked to enter MS194 and your loan number. Then you`ll be asked to upload confirmation of your changes. Don`t sweat it, it`s easy!
• Or you can mail confirmation of your changes to the address below:

EMM Loans LLC ISAOA/ATIMA
PO Box 1194
Springfield, OH 45501-1194

If you have questions about insurance changes. We are always more than happy to help you figure out the not-so-easy-to-figure-out details. Please give us a call at 855-648-0025.

News Flash: The below Mortgagee Clause must be on your required insurance policy. If you don`t see it, call your insurer and they should be able to help you.

EMM Loans LLC ISAOA/ATIMA
PO Box 1194
Springfield, OH 45501-1194

Homeowners insurance (which is a type of property insurance) protects you in the event that your home or belongings are damaged, stolen, or destroyed. Below we`ve provided you with an overview of the most common types of homeowner`s insurance. We are not suggesting that you need all of these.

If you`re not sure about your requirements, call your insurance carrier--they`ll be able to help you figure this out.

This covers your personal possessions--for example, furniture, electronics, clothes, et al. While it`s not required, it`s a good idea to have contents insurance just in case the unexpected happens--for example a home burglary or fire. This type of insurance is optional and not included in your payments for your escrow account.

Flood insurance is required if you live in a Special Flood Hazard Area (SFHA). This is an area with a special mudflow, and/or flood related erosion hazard.

Depending on your property`s location, you may need to carry flood insurance. This is determined at the time of loan closing. EMM Loans LLC monitors your property should it subsequently be put in a zone that requires flood insurance.

Flood policies generally need to meet the lower of the following:
The full replacement cost of the dwelling and insurable improvements made to it, or the maximum allowed through the National Flood Insurance Program, which is $250,000.

If you live in a high-risk coastal state, or Hawaii, you may be required to have separate windstorm/hurricane insurance.

CONTENTS INSURANCE

This covers your personal possessions--for example, furniture, electronics, clothes, et al. While it`s not required, it`s a good idea to have contents insurance just in case the unexpected happens--for example a home burglary or fire. This type of insurance is optional and not included in your payments for your escrow account.

If you live in a townhouse, condominium, or other residential area that requires you to pay a homeowner`s association (HOA) fee, you may also be required to purchase extra insurance related to your HOA. In most instances, your insurance fees will be included in your monthly HOA fees.

It`s important to note that these policies will likely have restrictions, and you may want to consider additional coverage for items not covered in you HOA policy.

If your homeowner`s insurance coverage has lapsed or if we`ve been notified of a policy cancelation, we are required to obtain hazard insurance coverage on your behalf. Often this coverage is more expensive than the coverage you are able to purchase on your own. In addition, it only covers the structure. Your personal property is not included in such coverage. Lender Placed Hazard insurance will always be paid out of your escrow account.

So, yeah, we definitely don`t want this to happen.

The best way to make sure this doesn`t happen is to make sure your premiums are timely paid, and your policies are timely renewed. The great news is that we always send a reminder if your policy is about to expire. And, if you`re facing lender-placed insurance, we`ll provide you plenty of notice and the opportunity to obtain your own coverage first.