Wells fargo bank insurance department phone number

How do you want to learn about lender-placed insurance?

What's lender-placed insurance?

If your insurance lapses or you don't have enough coverage, we're required to purchase insurance on your behalf. We do this so your home can be repaired or rebuilt if it's damaged.

Coverage requirements for different types of insurance:

• Homeowners insurance. You're required to have at least 100% of the estimated cost to repair or replace your home covered. Learn more about homeowners insurance.
• Flood insurance. Your flood insurance coverage has to be at least equal to the lowest of these options: 100% of the estimated replacement cost value for your property; combined outstanding balance of all loans and maximum line of credit limits; the maximum amount of coverage available under the National Flood Insurance Program (currently $250,000.00 for residential buildings)

  Keep in mind that there are pros and cons to only getting the minimum amount of insurance required. If you only have the minimum amount required, it may not be enough to pay for all of the needed repairs after a flood. Be sure to discuss your flood insurance needs with your insurance company.
  
  Learn more about flood insurance.

What's the difference between lender-placed insurance and insurance I purchase myself?

Insurance you get through your insurance agent provides the most complete coverage. Lender-placed insurance is more expensive and covers only the structure of your property — it doesn't cover the contents of your home or protect you from personal liability. Learn more about how lender-placed insurance works.

Will Wells Fargo purchase lender-placed insurance without my knowledge?

No. If we find a problem with your insurance, we'll send you letters explaining what you need to do. If we still don't receive acceptable proof of insurance, we'll let you know we're getting a lender-placed policy for you.

How will I be billed for lender-placed insurance?

We'll add the insurance premium to your monthly payment. The money will stay in an escrow account until your bills are due. Then we'll use that money to pay the bills on your behalf.

Can I cancel lender-placed insurance?

Yes. When you provide proof of acceptable coverage, we’ll cancel the lender-placed policy.

How can I prove that I have adequate insurance?

Please email the declarations page of your homeowners insurance policy – which is usually the first page – to . The declarations page tells us the amount of coverage and other details of your policy. If you don’t have the declarations page, you can also email your insurance binder. Make sure to include your account number on the documents you send. Please note that this email is for submitting documents only. If you have any questions regarding your insurance, please call us at 1-866-826-4884.

For more details on how to send us proof of adequate homeowners insurance, visit our property insurance website.

What should I do if I can't afford my insurance premium?

If your insurance isn't included in your monthly payment and you're unable to pay the premium, please call us at 1-800-357-6675 before your coverage expires. We can discuss options for paying the premium on your behalf. If we advance the premium for you, we'll add the cost to your future monthly mortgage payments.

For significant damage, Wells Fargo will monitor the repairs to your home

For many situations — including property damage of $10,000 or more, or if a loan is not current — we’ll monitor the progress of repairs to your home.

Endorse the insurance check to Wells Fargo

For property repairs that we monitor, you’ll need to endorse the insurance claim check and send it to us. When you call us or visit one of the websites below, we’ll give you important information on how to sign and send the check to us.

• Mortgage customers: visit our mortgage insurance claim check website.
• Home equity customers: visit our home equity insurance claim check website.

Gather documents to begin the repair process

Once we have reviewed your specific situation, we’ll guide you on gathering information to start the property repairs. This will include collecting the documents found on the document checklist for insurance claims.

 Tip 

Remember to include your mortgage loan number on any information you send us. Keep copies for your files.

Pay the contractors

In most situations, we’ll send the repair checks payable to you and the contractors you hire. This process helps protect you from potential fraud or incomplete repairs. If your loan is current, payments are made in increments during the process:

• After the initial documentation is received
• When repairs are 50% complete
• When repairs are finished and have been inspected

 Tip 

Does Wells Fargo have an insurance company?

How do I send proof of insurance to Wells Fargo?

What is Wells Fargo's customer service phone number?

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