Hello. My mortgage company sent a letter stating that the replacement coverage amount in my homeowner's policy was too low and that it needed to be raised. Of course, the letter did not state to what amount or how the determination was made, it just had the usual toll free number to call in order to obtain their quality customer service. While I realize that all goods generally increase year-over-year, I don't believe that the amount of coverage I have is insufficient since (usually) the insurance company increases this coverage every year or recommends certain increases.
Prior to calling the mortgage company, I wanted to know if anyone had any suggestions regarding this topic such as what steps you may have taken to get proper documentation regarding the evaluation made from the mortgage company, any inspections which could be done to arrive at a proper valuation, or even if seeking refinancing with another lender might help.
Thanks!
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Mortgage company wants higher homeowner coverage
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