Liberty Mutual Mortgagee Clause Change

As the housing market continues to fluctuate, those in the industry need to stay abreast of key changes that may affect their own operations. One such change has recently been implemented by Liberty Mutual, affecting the Mortgagee Clause included in their homeowners insurance policy. This blog post will provide an overview of the Liberty Mutual Mortgagee Clause change and explain how it may affect you and your real estate investments.
For those unfamiliar with the Mortgagee Clause, it is a provision included in homeowners insurance policies that identifies the beneficiary of the insurance policy. This clause is most commonly used to protect the lender, in the event that the home’s owner is unable to pay the premiums on the policy. The change in this clause affects the beneficiary, who may now receive coverage in the event of a loss.
Liberty Mutual has announced a new Mortgagee Clause change in their homeowners insurance policy, which goes into effect on January 1. This change modifies the clause to provide

GEICO Homeowner Mortgagee Inquiry and Change Request

What is this request for? ;

Client Information

Quote Reference # (Optional) NOTE: Not required, but providing may result in faster processing timeframe.

Insurance Company (select ‘Unknown’ if the Company name is not known)

First Named Insured (as it currently appears on the policy):

• First Name
• Middle Name (Optional)
• Last Name

Property Address (as it currently appears on the policy):

• Street Address
• Unit Number (Optional)
• City
• State
• Zip Code

Do you have another name to add to the policy?

• Yes No

• Second Named Insured (as it currently appears on the policy):
• First Name
• Middle Name (Optional)
• Last Name

Do you need to make any changes, additions or corrections to the Named Insureds?

• Yes No

• Full Name of First Named Insured
• Full Name of Second Named Insured
• Vesting Title

Do you need to make a change or correction to the Property Address? Yes No

• Street Address
• Unit Number (Optional)
• City
• State
• Zip Code

Name of Loan Officer/Mortgage Representative

Name of Rep/Officers Mortgage Company

Phone # for Representative (Optional)

Preferred Method to Receive Policy Documents

• Email Fax Both

Email

Fax

Mortgagee Information

Mortgagee Name (as it should appear)

Do you have a mortgagee clause to add or change?

• Yes No

Select the Documents Needed for Closing:

• Declarations Page/Binder
• Please verify all other information that must be included on the proof of coverage documents, such as the Extended Replacement Cost Percentage and the wind and hail coverage.
• Invoice/Receipt
• Replacement Cost Estimator

Do you have a mortgagee clause to add or change?

• Yes No

Mortgagee Position

• Replace Existing 1st Mortgagee
• Replace Existing 2nd Mortgagee
• Replace All Existing Mortgagees

Mortgagee Name (as it should appear)

Successor Language (as it should appear)

• ISAOA
• ISAOA/ATIMA
• Other
• None

Mortgagee Street Address/PO Box

Mortgagee Unit Number (Optional)

Mortgagee City

Mortgagee State

Mortgagee Zip Code

Loan Number

Is the Policy Paid Through Escrow?

• Yes No

Do you need to add an additional mortgagee clause?

• Yes No

Additional Mortgagee Notes: (Please include the Successor Language if applicable, and Mailing Address for each Mortgagee listed) 200 letters remaining

Required Documents or Coverages

Select the Documents Needed for Closing:

• Declarations Page/Binder
• Please verify all other information that must be included on the proof of coverage documents, such as the Extended Replacement Cost Percentage and the wind and hail coverage.
• Invoice/Receipt
• Replacement Cost Estimator

Do you have any additional Coverage Requirements? Yes No

Additional Coverage Requirements (NOTE: Some requests may require our clients permission prior to completing)

• 200 letters remaining

FAQ

How do I change my lienholder on Liberty Mutual?

To make this change, the customer must call Liberty Mutual at the number on their declarations page or log into their online account.

Where can I find my mortgagee clause?

Many lenders require borrowers to have a mortgagee clause, and it will be a part of the loan under their property policy, issued by the homeowners insurance company. How Do You Get A Mortgagee Clause? The business must record who has the lien in the policy.

Is Geico cheaper than Liberty Mutual?

Geico is a clear winner for affordable car insurance rates. Geico offers car insurance quotes that are between 8% and 44% less expensive than Liberty Mutual’s. Additionally, Geico offers minimum- and full-coverage policies at prices below the national average.

How do I talk to a real person at Liberty Mutual?

1. Connect using social: Tweet us: @AskLiberty.
2. By phone: Dial customer service: 1-800-290-8711.
3. By mail: Billing Address: Liberty Mutual Insurance Group. Personal Market – RPC. PO Box 1604.
4. Corporate information: Liberty Mutual Insurance Group corporate offices. Contact corporate offices.