Insurance
Homeowner’s Insurance
Hazard and Flood Insurance: Maintaining sufficient insurance is extremely important in protecting your property against disaster. The best protection you can have is adequate property insurance coverage. Basic coverage, such as fire and extended coverage or a homeowner’s policy on your property, is your responsibility to maintain at all times in an amount at least equal to the current principal balance. SC State Housing only permits a deductible of $1,000 or 1 percent of the face amount of the policy, whichever is higher. If your property is located in a designated flood area, adequate flood insurance coverage is also required.
Proof of Insurance: Your property must have insurance coverage at all times. You are responsible for making sure your renewal policy reaches our office before the expiration date of existing coverage. Failure to do so can result in incorrect premium payments along with additional insurance costs to protect your mortgage lender. If we do not receive proof of insurance, dwelling coverage only (not contents) will be purchased on your behalf and charged to your escrow account. You will be given prior written notice in this event. The coverage provided by this temporary insurance may be different and more expensive than your expired coverage. If we secure this special insurance for you, it can be cancelled after you obtain a policy and provide proof of coverage to:
SC State Housing
Attn: Mortgage Servicing Department
300-C Outlet Pointe Boulevard
Columbia, SC 29210.
Premium Notices and/or Invoices: Always review any renewal policies or insurance invoices for your homeowner’s insurance. Make sure that it covers the correct property and provides the coverage and policy limits you desire. Check to see that it contains a mortgage or loss payable clause naming SC State Housing as first mortgagee.
Verify that the correct amount has been billed. If there are any discrepancies, contact your insurance agent to make the necessary adjustments. If the mortgage clause is incorrect, please mail your renewal policy to the above address.
In some cases, your agent may send you a copy of the premium notice for your records. However, original invoices that request payment must be sent to SC State Housing immediately. Mail these to Mortgage Servicing at SC State Housing at the address listed above.
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