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Pennsylvania Bans Lenders from Requiring Excess Home Insurance

East News • July 8, 2008
Pennsylvania homeowners may be entitled to a reduction in their homeowners' insurance premiums, thanks to The Mortgage Property Insurance Coverage Act that Gov. Rendell signed into law on July ...

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Subject: RE: Pennsylvania Bans Lenders from Requiring Excess Home Ins

Posted On: July 8, 2008, 2:42 pm CDT
Posted By: expert
Comment:
The problem that is being resolved with this "ban" is the situation where the mortgage amount if higher than the Replacement Cost or the ACV of the building and the mortgagee insists on an amount of insurance that is equal to the amount of the mortgage (i.e., a building valued at $200,000., with a market value including land of $350,000., and a mortgage of $275,000. We prohibited mortgagees from doing this in NJ many years ago by regulation. Unfortunately, when the agent associations weren't looking the reg was allowed to expires.
Subject Posted By Posted On
RE: RE: RE: Pennsylvania Bans Lenders from Requiring Excess Temblor
Jul 9, 2008, 11:19 am
RE: RE: Pennsylvania Bans Lenders from Requiring Excess Home Stat Guy
Jul 9, 2008, 7:35 am
RE: Pennsylvania Bans Lenders from Requiring Excess Home Ins expert
Jul 8, 2008, 2:42 pm
Pennsylvania Bans Lenders from Requiring Excess Home Insuran Temblor
Jul 8, 2008, 1:42 pm
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