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Do I need homeowner’s insurance?

Yes, you must present a receipt of your homeowner’s insurance policy showing first year’s payment at closing. The total amount of the policy must be for at least 80% of the replacement costs of the dwelling (binders are not acceptable). Your homeowner’s policy must be issued by a company with a rating no less than B, Class III. In the event that you get your mortgage through Dollar Bank, you should also instruct your insurance agent to have the mortgage clause on your policy read as follows: Dollar Bank, Federal Savings Bank, its successor and/or assigns, c/o The Mortgage Service Center, P.O. Box 8469, Canton, OH, 44711

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