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Homeowner Insurance

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How homeowners
insurance works

Insurance claims
and repairs

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Homeowners insurance is required for everyone who has a mortgage. It protects you from damage caused by fires or other common disasters. It also may cover the contents of your home and provide personal liability coverage.

Coverage requirements

As your lender, we have a financial interest in your property too. That’s why you’re required to have coverage of at least 100% of the estimated cost to repair or replace your home. However, that may not be enough to protect you financially. Ask your insurance agent if you're protected from accidents on your property and if your personal property will be replaced if it’s damaged, destroyed, or stolen.


Insurance requirements vary by property type. Certain types, like condos, may have different requirements. Talk to your insurance provider for the specifics.


Paying for homeowners insurance

If you have an escrow account, we’ll add your insurance premium to your monthly mortgage payment. It’ll stay in your escrow account until your insurance bills are due. Then we’ll use that money to pay the bills on your behalf.

If you don’t have an escrow account, you’ll pay your insurance company directly.


A homeowner's insurance policy generally has a deductible. The deductible is the amount of money a homeowner must pay the insurer before the insurer will pay on a claim. A loan policy with a higher deductible typically carries a lower premium cost to the homeowner. Republic Bank requires that your deductible does not exceed 5 percent of the total value of your home or $5,000.00 which ever is greater.

Filing a claim

Start by contacting your insurance company. Information 1-888-782-3333
Taxpayer Assistance 1-866-581-1040
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Member FDIC. Equal Housing Lender. Equal Opportunity Lender.