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Coverage Requirements

What coverage do you need?

Texell requires coverage that must be equal to the lesser of the following:

100% of the insurable value of the improvements, as established by the property insurer; or the unpaid principal balance of the mortgage, as long as it equals the minimum amount (80% of the insurable value of the improvements) required to compensate for damage or loss on a replacement cost basis.

Deductibles must not exceed 1% or 5% depending on your loan type. Speak with a Texell Financial Representative to determine the best options for you and your home.


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