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Insurance FAQ's

Insurance Information

Can I change insurance companies?

Yes. You can choose whatever insurance company you want as long as it maintains either a "B" or better general policyholder's rating, or a "6" or better financial rating as published in the A. M. Best Company's Insurance Reports. Just be sure to notify us of the change. Please be sure to write your loan number on your new policy, which may be faxed to 937-324-7101 or mailed to: PNC Bank, National Association, ISAOA ATIMA, P.O. Box 7433, Springfield, OH 45501.

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When was my insurance premium last paid?

Verification of payment of your insurance premium can be obtained by viewing our Escrow Information web page. If we have not received an updated policy from your insurance company or agent, we will pay the premium based on the most current information we have on record. You may fax this information to us at 937-324-7101. Please be sure your loan number is written on the policy.

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Can I pay my own insurance?

If you have a VA, FHA or Conventional loan with Private Mortgage Insurance, your insurance premium must be collected and paid through a PNC Mortgage escrow account. For other types of loans, please refer to the terms of your Mortgage as to whether you may pay your own insurance. Please keep in mind that an escrow account provides a convenient, no-hassle service by allowing PNC Mortgage to pay your insurance premiums for you.

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Do I have to carry insurance on my home?

The terms of your Mortgage require that you maintain homeowners insurance on your property for an amount equal to the remaining loan balance or the insurance value of your property (whichever is less). Please keep in mind that this is a safeguard to protect both your and our interest in the property should any damage occur.

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What is Force-Placed or Lender-Placed Insurance?

When proof of sufficient insurance coverage has lapsed, been canceled or has not been received, as a last resort, PNC Mortgage will obtain coverage on your property through a selected insurance company. Force-placed insurance is almost always more expensive than insurance coverage you can purchase yourself, and it only covers the structure. Personal property is not covered. Again, this coverage is a safeguard to protect both your interest and PNC Mortgage's interest in the property should any damage or loss occur.

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Do I have to carry Flood Insurance?

If your property lies within Flood Zone "A" or "V", federal law requires you to maintain and provide proof of flood insurance coverage. If there are any changes in your flood zone, PNC Mortgage will notify you by mail.

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Can I cancel my Private Mortgage Insurance (PMI)?

Please visit our PMI Information web page. Not all loans are eligible for PMI cancellation. Loans that are eligible have specific guidelines that may change at any time.

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What should I do with the insurance bill I have received?

Policy and renewal information should be faxed to 937-324-7101 or mailed to:  PNC Bank, National Association, ISAOA ATIMA, P.O. Box 7433, Springfield, OH 45501. **Please be sure to include your loan number on this information. **

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Why did my insurance payment increase?

Your monthly payment will increase and/or decrease with any change to your insurance premiums. Your insurance company notifies us when they make a change to the premium amount on your policy, which ultimately will affect your monthly payment. Please contact your insurance agent regarding the cost of your insurance premium. You may see the last insurance premium payment we disbursed by viewing our Escrow Information web page.

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What do I do if I receive an insurance claim check?

In the event your insurance company has processed your claim and has issued you a loss claim check and your loan is due for the current month, contact Customer Service at 1-800-822-5626 so we may determine the best way to process your check.

You may mail your check via Regular Mail: 
PNC Mortgage 
Attn: Customer Service Research - Loss Claims 
PO Box 1820 
Dayton, Ohio 45401-1820.

Additional questions can be directed to Customer Service at 1-800-822-5626. You may also direct additional inquiries to our Customer Service team by clicking on Contact Us from our website.

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I've been informed that I need a flood gap policy, why is that necessary?

PNC Mortgage has found that your flood insurance coverage is lower than the amount of coverage necessary to repair / replace your home in the event of a flood loss. This amount was determined from the amount of coverage that you have established as the replacement cost on your hazard insurance coverage.

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Why is PNC Mortgage now requiring customers to increase their flood coverage?

Due to recent hurricanes and other natural disasters PNC Mortgage must make sure that our customers are properly insured in the event of a loss. This protects our investment as well as your investment as the homeowner.

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What is the calculation used to determine how much flood gap coverage I need?

There are two ways to calculate sufficient coverage:

  • If the hazard insurance coverage* is less than the principal balance of the loan, the hazard coverage (-) minus the flood coverage = flood gap.
  • If the hazard insurance coverage* is greater than the principal balance of the loan, the hazard coverage X 80% (-) minus the flood coverage = flood gap.

*Because PNC Mortgage does not have access to the actual replacement cost of the dwelling / structure, we have elected to use the hazard insurance coverage as the baseline.

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What do I do if I disagree with the amount of flood coverage that PNC Mortgage is requiring?

We encourage you to speak to your local insurance agent to verify that the coverage you currently have will completely cover the cost to rebuild / replace your home in the event of a flood loss. If your insurance agent can provide proof that your current coverage will replace your home, please have them send the written documentation to us for further review.

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What will happen if I do not comply with the flood gap requirements and do not increase my coverage?

If we do not receive proof of adequate coverage from you when requested, we will be forced to secure an additional flood insurance policy on your loan through American Securities Group at your expense.

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What do I do to ensure that I have adequate flood gap coverage?

Contact your local insurance agent to verify your coverage meets the minimum required by PNC Mortgage. PNC Mortgage flood insurance requirements are the lesser of:

  • 100% of the replacement cost of your dwelling/structure. NOTE: Because PNC Mortgage does not have access to the actual replacement cost of the dwelling structure, we have elected to use the hazard insurance coverage as the baseline.
  • The maximum insurance available through the National Flood Insurance Program (NFIP), which is currently $250,000.

Examples:

  1. If your hazard insurance coverage is $220,000, then your flood coverage would need to be $220,000 to be compliant.
  2. If your hazard insurance coverage were $376,000, then your flood coverage would need to be $250,000 to be compliant.

If your coverage is less than what is required, you would have a gap, and PNC Mortgage may place lender placed flood gap on your account if you do not increase your coverage. 

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My home has never flooded, why do I need additional flood coverage?

Being in a flood zone means there is always the risk that your property may experience flooding. In the unlikely event that this would happen, the lender and the borrower must be prepared.

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© 2014 The PNC Financial Services Group, Inc. All rights reserved. Bank deposit products and services provided by PNC Bank, National Association, Member FDIC. PNC is a registered service mark of The PNC Financial Services Group, Inc ("PNC"). PNC Mortgage is a division of PNC Bank, National Association, a subsidiary of PNC. All loans are provided by PNC Bank, National Association and are subject to credit approval and property appraisal. Terms and conditions of the offer subject to change without notice.

Investments and Insurance: Not FDIC Insured. No Bank or Federal Government Guarantee. May Lose Value.