Proof of insurance is required!

Home sweet home. But is it insured?

So, you’ve changed homeowners’ insurance, or your current policy has expired. What’s next?

Proof of insurance is the legal documentation required by your STCU loan agreement to show that you have fully insured your home against damage from fire and other hazards. The document must come from your insurance agent or insurance company.

If your insurance lapses during your home loan, or you changed to a different company without notifying us, STCU will purchase insurance for you at a premium that often is more expensive than what you could purchase yourself.

That's why we highly recommend you secure your own insurance!

How do I submit proof of insurance?

There are several options for submitting proof of insurance if you are changing your homeowner’s insurance or your current policy has expired.

Ask your insurance agent to immediately provide proof of insurance. Your agent can provide proof of insurance in a week or less via one of the following methods:

• Email your declaration page to stcu@myloaninsurance.com or realestateservicing@stcu.org. Email attachments must be in one of these formats: PDF, PNG, TIF, or JPG.
• Ask your agent to fax your declaration page to (877) 401-2172.
• If there's time, mail a copy of your declaration page to STCU, P.O. Box 924515, Fort Worth, TX 76124.

You can use the same methods listed above to submit insurance if you’ve received a first or final notice from STCU due to your insurance lapsing or if the policy is missing important information, such as our mortgagee clause. If this is the case, there is also the additional option to submit your proof of insurance online.

Submit your proof of insurance online. After clicking on the purple "Submit insurance" button on this page, you'll be asked for the reference number and personal identification (PIN) found in your "Insurance Reminder or Second and Final Notice" letter, located in the upper right-hand corner of the notice. Your PIN is good for 90 days.

What is a declaration page?

A declaration page proves to STCU, serving as your lender, that your home is fully insured against theft or damage. The page includes the following:

• Evidence that STCU, ISAOA, P.O. Box 924515, Fort Worth, TX 76124, is the mortgagee.
• Evidence that your home, as collateral against the loan, is exactly as listed on your loan document.
• Your policy number, policy period, and the insurance provider's name.

If you have any questions about proof of insurance, please call (866) 600-8767.

Frequently asked questions.

What happens if I don't provide proof of insurance?

Your mortgage loan contract requires that your property is continuously insured against hazard losses throughout the entire term of your loan. If we do not receive acceptable evidence of the required insurance, it may become necessary to protect our interest by purchasing insurance for you. You must pay us for any period during which the insurance we buy is in effect, but you do not have insurance.

We strongly encourage you to provide your own insurance, as the insurance we may buy:

• May be significantly more expensive than insurance you can buy yourself.
• May not provide as much coverage as an insurance policy you buy yourself.

You should immediately provide us with your homeowners insurance information. Please provide written proof that you have a hazard insurance policy to protect your property. You or your insurance agent may provide an updated insurance policy to us. Please refer to the following primary insurance requirements:

What are the Primary Insurance Requirements?

• Continuous insurance coverage with no lapses.
• STCU named as mortgagee or loss payee.
• Policy deductible is not greater than 5%.
• Adequate coverage limit for your replacement cost or principal balance of your loan.

Why is proof of insurance required?

You may be living in or renting out the home, but STCU is the lienholder on the deed of trust until you pay off your loan. Your home is the collateral, the asset you deeded to us, to provide security, or the assurance, that you plan to repay your loan.

To protect that asset, STCU requires borrowers to provide proof of insurance during the funding process, and throughout the life of your loan.

Insurance is being purchased for me. What should I do?

If your insurance agent recently provided STCU with proof of insurance, contact STCU immediately to cancel the insurance we purchased for you.

If you have yet to provide proof of insurance to STCU, we recommend that you immediately purchase insurance from a qualified insurer to replace the policy we purchased for you. Ask your agent to provide proof of insurance to STCU, as described above.

When we receive the proof of insurance from your agent or company, we will cancel the policy that was purchased for you. However, you will still be responsible for paying all premiums applied to the time the policy insured your home due to a coverage lapse.

Without proof of insurance, STCU will not cancel the policy that was purchased for you. You will be required to pay for this policy until you purchase your own homeowners insurance and provide a declaration page from your insurance company.

What do I do with my refund check from my previous insurance company?

When you cancel your existing policy or switch insurance companies, you may receive a refund check from the original insurance company. To avoid paying a larger shortage than necessary at escrow analysis time, STCU encourages that you deposit your refund check back into your escrow account.

Please contact STCU and ask for the real estate loan servicing department if you have questions about your refund check.

What is a mortgagee clause?

A mortgagee clause is an insurance policy provision that protects a lender's financial interest in a property. It's also known as a "loss payee" clause.

STCU’s mortgagee clause:

Spokane Teachers Credit Union

Its successors and/or assigned

PO Box 924515

Fort Worth, TX 76124