a******o
发帖数: 1197 | 1 insurance agent 给估了一个coverage ￥281，000，appraisal是$375000左右。但
lender说是要cover贷款，也就是$380,000.然后agent说：
however your lender only requires a certificate from us stating that the
home is insured for '100% Replacement Cost' coverage and we will provide it.
怎么回事？ | b*d
发帖数: 9308 | 2 100% Replacement Cost 是coverage的要求。
it.
【在 a******o 的大作中提到】
: insurance agent 给估了一个coverage ￥281，000，appraisal是$375000左右。但
: lender说是要cover贷款，也就是$380,000.然后agent说：
: however your lender only requires a certificate from us stating that the
: home is insured for '100% Replacement Cost' coverage and we will provide it.
: 怎么回事？
| a******o
发帖数: 1197 | 3 谢谢
那lender会不会要求insurance去cover $380,000？
【在 b*d 的大作中提到】
: 100% Replacement Cost 是coverage的要求。
:
: it.
| M********I
发帖数: 848 | 4 insurance should be higher than mortgage amount. otherwise, if the house is
burned down, you owe mortgage 380k and insurance company only pay you 281k,
who pay the difference? | n****e
发帖数: 4990 | 5 but SFH and TH's land value is part of the whole home value. that won't go
away if the house is burned down.
is
,
【在 M********I 的大作中提到】
: insurance should be higher than mortgage amount. otherwise, if the house is
: burned down, you owe mortgage 380k and insurance company only pay you 281k,
: who pay the difference?
| a******o
发帖数: 1197 | 6 I found this. It seems consistent with my insurance agent's words. But I'm
not sure if it applies to other states:
Fannie Mae Requirements
The Department received written confirmation that Fannie Mae does not
require the homeowner's insurance policy amount to be equal to the loan
amount. Fannie Mae's guidelines for determining the amount of hazard
insurance coverage are set forth in the Fannie Mae Selling and Servicing
Guides. For any first lien mortgage (excluding a reverse mortgage), required
coverage should be equal to the lesser of:
100% of the insurable value of the improvements, as established by the
property insurer; or
the unpaid principal balance of the mortgage, as long as it equals the
minimum amount (80% of the insurable value of the improvements) required to
compensate for damage or loss on a replacement costs basis. If it does not,
then the coverage that does provide the minimum required amount must be
obtained.
Therefore, according to Fannie Mae, to determine the required amount of
hazard insurance coverage for a loan delivered to Fannie Mae, Fannie Mae
approved lenders are required to "compare the insurable value of the
improvements, as established by the property insurer, to the unpaid
principal balance of the loan. If the insurable value of the improvements is
less than the unpaid principal balance, the insurable value will be the
amount of the coverage required. If the unpaid principal balance of the
mortgage is less than the insurable value of the improvements, the lender is
required to calculate 80% of the insurable value of the improvements and
compare the result to the unpaid principal balance. If the result of this
calculation is equal to or less than the unpaid principal balance, then the
unpaid principal balance will be the amount of the coverage required. If the
result of this calculation is greater than the unpaid principal balance,
the calculated figure will be the amount of coverage required."
http://www.wdfi.org/fi/mortbank/IndustryAlertHomeownersInsuranc
is
,
【在 M********I 的大作中提到】
: insurance should be higher than mortgage amount. otherwise, if the house is
: burned down, you owe mortgage 380k and insurance company only pay you 281k,
: who pay the difference?
| c***a
发帖数: 942 | 7 u should read the letter again. usually it should be either the loan amount
or the 100% replacement value. So 100% replacement value is fine.
required
【在 a******o 的大作中提到】
: I found this. It seems consistent with my insurance agent's words. But I'm
: not sure if it applies to other states:
: Fannie Mae Requirements
: The Department received written confirmation that Fannie Mae does not
: require the homeowner's insurance policy amount to be equal to the loan
: amount. Fannie Mae's guidelines for determining the amount of hazard
: insurance coverage are set forth in the Fannie Mae Selling and Servicing
: Guides. For any first lien mortgage (excluding a reverse mortgage), required
: coverage should be equal to the lesser of:
: 100% of the insurable value of the improvements, as established by the
| f****i
发帖数: 20252 | 8 sell the land
is
,
【在 M********I 的大作中提到】
: insurance should be higher than mortgage amount. otherwise, if the house is
: burned down, you owe mortgage 380k and insurance company only pay you 281k,
: who pay the difference?
| p******y
发帖数: 3523 | 9 这种情况下，需要insurance公司注明100% replacement cost。有这句话就都消停了。 |
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