What is the name of your state?What is the name of your state? TX
I just got a letter from mortgage company saying that an audit noticed that I carry a 2% deductible on my homeowners insurance and their guidelines say that a $1,000 or 1%, whichever is higher, is the maximum I can carry. The current loan to value ratio is only 52%. We just refinanced 2 years ago and only have 12 years left. Have never filed any claims in 30 years of owning homes. Reviewed papers at closing and nothing we signed said 1% deductible was maximum. Have met all the other stipulations in the insurance clauses in the papers. Can my mortgage company force me to change to 1%?
I just got a letter from mortgage company saying that an audit noticed that I carry a 2% deductible on my homeowners insurance and their guidelines say that a $1,000 or 1%, whichever is higher, is the maximum I can carry. The current loan to value ratio is only 52%. We just refinanced 2 years ago and only have 12 years left. Have never filed any claims in 30 years of owning homes. Reviewed papers at closing and nothing we signed said 1% deductible was maximum. Have met all the other stipulations in the insurance clauses in the papers. Can my mortgage company force me to change to 1%?