Homeowners insurance is required for everyone who has a mortgage. It protects you from damage caused by fires or other common disasters. It also may cover the contents of your home and provide personal liability coverage.

Coverage requirements

As your lender, we have a financial interest in your property too. That’s why you’re required to have coverage of at least 100% of the estimated cost to repair or replace your home. However, that may not be enough to protect you financially. Ask your insurance agent if you’re protected from accidents on your property and if your personal property will be replaced if it’s damaged, destroyed, or stolen.

Insurance requirements vary by property type. Certain types, like condos, may have different requirements. Talk to your insurance provider for the specifics.

Paying for homeowners insurance

If you have an escrow account, we’ll add your insurance premium to your monthly mortgage payment. It’ll stay in your escrow account until your insurance bills are due. Then we’ll use that money to pay the bills on your behalf.

If you don’t have an escrow account, you’ll pay your insurance company directly.

Deductibles

A homeowner’s insurance policy generally has a deductible. The deductible is the amount of money a homeowner must pay the insurer before the insurer will pay on a claim. A loan policy with a higher deductible typically carries a lower premium cost to the homeowner. Republic Bank requires that your deductible does not exceed 5 percent of the total value of your home or $5,000.00 which ever is greater.

Filing a claim

Start by contacting your insurance company.

These are the general steps we take for property insurance claims. Your individual situation may differ.

Step 1. Contact your insurance company if you have any property damage

Your first step is to contact your insurance company and file a claim with them. Find out when an adjustor will come and when to expect any claim checks.

Step 2. Call us at 1-866-596-2739 after you file a claim

We’ll provide you important details on how to process your claim check. We’ll discuss how Republic Bank will be involved in the process to restore your home.

Step 3. Endorse the insurance check and start the repair process

When you receive your insurance check, you’ll notice that Republic Bank  is named on it. As the mortgage provider, we have a financial interest in ensuring your property is restored. Notify us as soon as you get your check.

For most minor damages, we’ll endorse the insurance check to you to manage the repairs

Generally, if your home has only minor damages – and your loan is current – we won’t need to oversee the repair process. Instead, we’ll endorse the check completely to you to manage repairs. (Other conditions may apply.)

For significant damage, Republic Bank will help monitor the repairs to your home.

• What’s homeowners insurance? Homeowners insurance can protect you financially from fires, theft, and other events. It also protects our financial interest in the property. That’s why we require you to have at least 100% of the estimated cost to repair or replace your home covered.
   
• Why does Republic Bank Home Mortgage require at least 100% repair or replacement cost coverage? As your lender, we have a financial interest in the property, just like you do. Repair or replacement cost coverage means that your home can be repaired or rebuilt to its original condition if something happens to it.
  
  Keep in mind insurance requirements vary by property type. Certain types of properties, like condos and investment properties, may have different requirements. Talk to your insurance provider for the specifics.
• What if I don’t have enough coverage? We’ll contact you if you don’t have enough coverage. If you don’t increase your coverage, we’ll purchase a lender-placed insurance policy for you which may be more expensive and provide less coverage than insurance you purchase on your own.
   
• How can I prove that I have adequate insurance? You’ll need to send us a copy of the declarations page of your insurance policy, which is usually the first page. It tells us how much your home is covered for and gives us the details of your policy.
   
• How do I pay my homeowners insurance premiums? If you have an escrow account, we’ll add the insurance premium to your monthly mortgage payment and keep it in your account. When your homeowners insurance bills are due, we’ll use the money in your escrow account to pay them on your behalf.
  
  If you don’t have an escrow account, you’ll pay the premiums to your insurance company.
   
• How do I file an insurance claim? The first step is to contact your insurance company.