Insurance Information
Can I change insurance companies?
Yes. You can choose whatever insurance company you want as long as it maintains either a "B" or better general policyholder's rating, or a "6" or better financial rating as published in the A. M. Best Company's Insurance Reports. Just be sure to notify us of the change. Please be sure to write your loan number on your new policy, which may be faxed to 937-324-7101 or mailed to: PNC Mortgage, P.O. Box 1024 Dayton, OH 45401-1024
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When was my insurance premium last paid?
Verification of payment of your insurance premium can be obtained by viewing our Escrow Information web page. If we have not received an updated policy from your insurance company or agent, we will pay the premium based on the most current information we have on record. You may fax this information to us at 937-324-7101. Please be sure your loan number is written on the policy.
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Can I pay my own insurance?
If you have a VA, FHA or Conventional loan with Private Mortgage Insurance, your insurance premium must be collected and paid through a PNC Mortgage escrow account. For other types of loans, please refer to the terms of your Mortgage as to whether you may pay your own insurance. Please keep in mind that an escrow account provides a convenient, no-hassle service by allowing PNC Mortgage to pay your insurance premiums for you.
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Do I have to carry insurance on my home?
The terms of your Mortgage require that you maintain homeowners insurance on your property for an amount equal to the remaining loan balance or the insurance value of your property (whichever is less). Please keep in mind that this is a safeguard to protect both your and our interest in the property should any damage occur.
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What is Force-Placed or Lender-Placed Insurance?
When proof of sufficient insurance coverage has lapsed, been canceled or has not been received, as a last resort, PNC Mortgage will obtain coverage on your property through a selected insurance company. Force-placed insurance is almost always more expensive than insurance coverage you can purchase yourself, and it only covers the structure. Personal property is not covered. Again, this coverage is a safeguard to protect both your interest and PNC Mortgage's interest in the property should any damage or loss occur.
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Do I have to carry Flood Insurance?
If your property lies within Flood Zone "A" or "V", federal law requires you to maintain and provide proof of flood insurance coverage. If there are any changes in your flood zone, PNC Mortgage will notify you by mail.
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Can I cancel my Private Mortgage Insurance (PMI)?
Please visit our PMI Information web page. Not all loans are eligible for PMI cancellation. Loans that are eligible have specific guidelines that may change at any time.
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What should I do with the insurance bill I have received?
Policy and renewal information should be faxed to 937-324-7101 or mailed to: PNC Mortgage P.O. Box 1024 Dayton OH 45401-1024 **Please be sure to include your loan number on this information. **
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Why did my insurance payment increase?
Your monthly payment will increase and/or decrease with any change to your insurance premiums. Your insurance company notifies us when they make a change to the premium amount on your policy, which ultimately will affect your monthly payment. Please contact your insurance agent regarding the cost of your insurance premium. You may see the last insurance premium payment we disbursed by viewing our Escrow Information web page.
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What do I do if I receive an insurance claim check?
In the event your insurance company has processed your claim and has issued you a loss claim check, please refer to the following guidelines to ensure the prompt return of your check:
- Your loan must be due for the current month.
- Make sure your loan number is referenced on / with the check.
- Checks in the amount of $10,000 or less - Mail the unendorsed check, along with the adjuster's report, to the address listed below. If you would like the endorsed check returned to you via overnight, please provide us with a prepaid overnight envelope to do so.
- In the event the check should be mailed back to you at an address other than what is listed on your mortgage loan, please provide us with the alternate mailing address.
- Regular Mail: PNC Mortgage / Attn: Customer Service Research - Loss Claims / PO Box 1820 / Dayton, Ohio 45401-1820. Additional questions can be directed to Customer Service at 1-800-822-5626. You may also direct additional inquiries to our Customer Service team by clicking on Contact Us from our website.
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I've been informed that I need a flood gap policy, why is that necessary?
PNC Mortgage has found that your flood insurance coverage is lower than the amount of coverage necessary to repair / replace your home in the event of a flood loss. This amount was determined from the amount of coverage that you have established as the replacement cost on your hazard insurance coverage.
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Why is PNC Mortgage now requiring customers to increase their flood coverage?
Due to recent hurricanes and other natural disasters PNC Mortgage must make sure that our customers are properly insured in the event of a loss. This protects our investment as well as your investment as the homeowner.
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What is the calculation used to determine how much flood gap coverage I need?
There are two ways to calculate sufficient coverage:
- If the hazard insurance coverage* is less than the principal balance of the loan, the hazard coverage (-) minus the flood coverage = flood gap.
- If the hazard insurance coverage* is greater than the principal balance of the loan, the hazard coverage X 80% (-) minus the flood coverage = flood gap.
*Because PNC Mortgage does not have access to the actual replacement cost of the dwelling / structure, we have elected to use the hazard insurance coverage as the baseline.
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What do I do if I disagree with the amount of flood coverage that PNC Mortgage is requiring?
We encourage you to speak to your local insurance agent to verify that the coverage you currently have will completely cover the cost to rebuild / replace your home in the event of a flood loss. If your insurance agent can provide proof that your current coverage will replace your home, please have them send the written documentation to us for further review.
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What will happen if I do not comply with the flood gap requirements and do not increase my coverage?
If we do not receive proof of adequate coverage from you when requested, we will be forced to secure an additional flood insurance policy on your loan through American Securities Group at your expense.
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What do I do to ensure that I have adequate flood gap coverage?
Contact your local insurance agent to verify that your coverage meets the minimum required. The minimum coverage required is the lower of the following:
- 100% of the replacement cost of the dwelling / structure
- The maximum insurance available through the National Flood Insurance Program (NFIP), which is currently $250,000
- The unpaid principal balance of your loan; when the unpaid principal balance of your loan represents the lowest option, the required insurance coverage must be at least 80% of the replacement cost of the structure.
Example of your principal balance being the lowest option:
- Principal balance = $50,000
- Current flood coverage = $75,000
- Replacement cost = $100,000
- 80% of replacement cost = $80,000
Replacement cost coverage is determined by your insurance agent. This is the amount necessary to replace / rebuild your home in the event of a total loss. PNC Mortgage has based this amount off of your current hazard insurance coverage amount which was determined by you and your agent.
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My home has never flooded, why do I need additional flood coverage?
Being in a flood zone means there is always the risk that your property may experience flooding. In the unlikely event that this would happen, the lender and the borrower must be prepared.
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