Insurance policy for mortgages in Tampa

2 Replies

What type of insurance policy (regarding the house) should I require home owners of houses that I have mortgages on to acquire?

Jacob, your concern is that you are named as additional insured on a policy that has Replacement Cost Coverage on Coverage A and B - these are the structures on the property.  What they do with Coverage C (contents/personal property) is up to them.   You also need to make sure that the policies are high enough to cover the Replacement Cost Valuation of the structure - not a market value, a replacement value for a contractor to rebuild from the foundation up.  I'm in Tampa.  I don't sell insurance but can help you if you have any further questions - just shoot me a PM.  There are more nuances to it like ordnance and law coverage to cover increased cost for building code compliance if repairs go into something that's outdated under current code, but now you're getting into smaller, technical stuff.


Tim is correct on the property coverage you need to require. You should also require Liability coverage. Most homeowners policies include coverage. I would recommend that there be $300,000 or higher. The Mortgage holder needs to be named on the policy as Mortgagee.

In FL you need to be sure that there is Wind coverage, either as part of the Homeowners policy or as a separate wind policy.