As your lender, we have a financial interest in the property, just like you do. Repair or replacement cost coverage means that your home can be repaired or rebuilt to its original condition if something happens to it.
Keep in mind insurance requirements vary by property type. Certain types of properties, like condos and investment properties, may have different requirements. Talk to your insurance provider for the specifics.
Why does Republic Bank Home Mortgage require at least 100% repair or replacement cost coverage? Print
Modified on: Fri, 23 Jun, 2023 at 3:33 PM
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