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Homeowners Insurance Requirements

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K

keniz138

Member
What is the name of your state? RI

Currently refinancing a $300K loan. Bank document says "Coverage must be for at least the amount of your loan (or the replacement value of the improvement, where restricted by local laws). Your loan amount is $300,000.

What does this mean? My current policy is for replacement cost of $190K. Can I keep this policy or are they trying to make me have a $300K policy?
 


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