The Credit Union tracks insurance on all collateralized loans and has the right to force place an insurance premium when the information provided to us is incomplete or insufficient. Here are a few reasons why you received a letter and what to do next:
Reason: We have not received any information from your insurance company regarding coverage.
What to do: Contact your insurance company and request a Declaration Page be sent to the Credit Union.
Reason: The Declaration Page we received is missing a Loss Payee/Lienholder.
What to do: Contact your insurance company to add Tulare County Federal Credit Union as the Loss Payee/Lienholder and send us an updated Declaration Page.
Reason: You do not have comprehensive and/or collision coverage.
What to do: Contact your insurance company to add the necessary coverage(s) and send us an updated Declaration Page.
Reason: You changed insurance companies or your policy expired.
What to do: Contact us with your new insurance company information and have your agent send us an updated Declaration Page.
Reason: Your deductibles exceed the allowable limit of $1,000 each.
What to do: Reduce your deductibles to at most, $1,000 each.
Reason: You policy was canceled due to non-payment or exclusion reasons.
What to do: Obtain alternative, sufficient coverage immediately in order to avoid a lapse in coverage and send us your updated Declaration Page.
Trust us, insurance tracking can be tricky and time consuming but it's worth it in order to protect your investment! Lapses in sufficient coverage will result in force placed partial or annual premiums that are costly and will result in an increased monthly loan payment.