Home Insurance Requirements Suspended
Home Insurance Requirements Suspended

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The decision by Fannie Mae and Freddie Mac to delay the review plan for home mortgages without full replacement value insurance coverage has been welcomed by property insurance groups. Jimi Grande from the National Association of Mutual Insurance Companies stated that this postponement provides an opportunity to gather more information on issues related to underinsurance policies. In February, these government-backed entities had announced stricter enforcement of replacement coverage compliance by mortgage backers. This announcement had raised alarms in an industry where actual value policies are essential for reducing losses and offering homeowners an option to mitigate premium increases.
Source and Details: Insurance Journal

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