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property insurance

What type of insurance coverage is required?
Property, fire or homeowners' insurance is required by all mortgage lenders to protect their investment against loss or damage to the property. As a homeowner and in accordance with your Deed of Trust, you need to maintain adequate coverage at all times.

Your homeowners' policy must meet the following requirements:

What types of policies are available?
There are different types of policies that may be required to meet different coverage needs:
How do I renew my policy?
If your loan is escrowed, we will pay and renew your insurance. If your loan is not escrowed, when renewing your policy, be sure your agent has the following information:
Do I need to tell SunTrust about changes to my insurance policy?
Yes. It is important to keep your loan file up to date with your most recent insurance information. When you call us to update your file, please be sure to have the following information available:
How do I change insurance companies or carriers?
If you decide to change your insurance carrier, please do the following:
How can I cancel my insurance?
As long as you have a mortgage, you must always carry adequate insurance coverage on your property, as called for in your Deed of Trust. If your policy is being cancelled for any reason, please contact us immediately so we may assist you, if possible. Failure to replace a cancelled policy will result in the placement of force-placed insurance, which is more expensive than standard coverage and may not provide the same type(s) of coverage.

What is force-placed insurance?
Force-placed insurance is insurance coverage that will be obtained by SunTrust when proof of insurance coverage has lapsed, been cancelled or has not been received.

Force-placed insurance is a safeguard to protect our interest in the property if damage were to occur and you had not maintained adequate coverage. It is almost always more expensive than insurance coverage you can purchase yourself. Also, if anything should happen to your property, you may not submit any personal claims under a force-placed insurance policy.

This is one reason it is critical that you maintain your own homeowners' insurance.

For further information, please contact our Customer Service
Department at 1-800-634-7928 or send us an e-mail.

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