Homeowners insurance pays for losses and damage to your property if something unexpected happens, like a fire or burglary. Your homeowner’s insurance may also cover the contents of your home and provide personal liability coverage. Standard homeowners insurance doesn’t cover damage from earthquakes or floods, but it may be possible to add this coverage.
Homeowners insurance also protects your lender’s financial interest in the property. This is why lenders require proof of homeowners insurance.
Choosing your insurance provider is up to you, as long as the provider is licensed and authorized to do business in your state, and the policy meets the property insurance requirements for your loan.
What is your mortgagee clause?
Maine State Housing Authority
c/o Mortgage Servicing Solutions
its successors and/or assignee, ATIMA
44 Washington Street
Providence, RI 02903
Do I need insurance coverage?
In accordance with the terms of your loan documents, Mortgage Servicing Solutions requires that each property financed with Maine State Housing obtain insurance that is adequate to protect the insured from specified losses such as fire, windstorm, and water damage.
What do I do with a bill I received for renewal of my homeowners insurance?
If your homeowner’s insurance isn’t part of your homeowner association dues, the annual premium is included in the escrow portion of your monthly payment. If you receive a bill at renewal, please contact us at email@example.com or 844-694-5193 to confirm that we also received a copy and we will pay the bill from your escrow balance.
How and when can I change my homeowners insurance? How do I let you know I am changing it?
You can change your insurance company at any time. The new company will need to verify proof of insurance for us and send us a bill. They may fax it to us at 844-694-5191 or mail it to:
Mortgage Servicing Solutions
44 Washington Street
Providence, RI 02903-1721
You must cancel your insurance through the old company and have them send a refund of your pro-rated premium amount to us, at the address above, to be applied to your escrow account.
Please note: If it is close to your renewal time when you choose to change insurance companies, please contact us so that we do not mail payment to your old insurance company.
Private Mortgage Insurance, or PMI, is a required insurance premium paid to insure the mortgage when the down payment is less than 20% of the purchase price. Mortgage insurance usually requires an initial premium payment and may require an additional monthly premium which is paid as part of your escrow payment. The premium protects the lender against loss in the event of default or foreclosure of the mortgage.
PMI Waiver Policy
In accordance with the Home Owner’s Protection Act of 1998, the following criteria have been established for Private Mortgage Insurance waiver for owner-occupied residential properties: