Mortgage insurance can take two forms: Private Mortgage Insurance (PMI) and Mortgage Payment Protection. PMI is lender-mandated insurance for properties with a high loan-to-value. Mortgage payment protection is optional coverage that protects mortgage if you become unemployed or disabled. If you cancelled either policy and now need proof of coverage, there are several ways to track it down.
- Skill level:
Things you need
- Old mortgage paperwork (especially the original documents from closing)
- Bank statements from period during which insurance was active
Carefully examine the documents you signed at closing to determine if you initially placed mortgage payment protection on the loan, or PMI was mandated at closing. The documents relating to these policies (including, perhaps, the policy numbers and name of the insurance company) will be in the package.
Contact your bank and order copies of the bank statements for the period during which you were paying on the insurance. Look for cancelled checks and disbursements from your account. Pull up any cancelled checks to see if you can read the name of the insurance company on them.
Contact the mortgage provider with whom you conducted business when you had mortgage insurance. If the insurance was PMI, the premiums were likely included in the mortgage payment itself. The mortgage servicer should be able to pull up both the name of the insurance company and the contact information.
Call your old insurance company once you get hold of the contact information. Most insurance companies purge expired policies from their online records (those available to the general public), but are required to retain paper copies of policies for a number of years.
Ask for a copy of your old insurance binder. Help the agent by providing any information including: your name, address, name of your mortgage company, social security number and, most helpful, your old policy number. Ask for the old binder (including all coverages) to be faxed, e-mailed or mailed.
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