Your mortgage company wants you to insure for the value of the loan but you think insurance should only cover the replacement cost of the structure what is the minimum coverage required?

You have to have it insured for at least the amount of mortgage. That is the mortgage companies "insurance" that it will be paid for if it is totally destroyed Answer If you agreed to insure your house for the amount of the mortgage when you obtained your mortgage then you are bound by that agreement and will have no choice but to comply Actually, the purpose of homeowner's insurance is not to insure the loan, it's to insure the property. You cannot purchase more than the replacement cost of the house.In the event of a total loss, you will only be paid the cost to replace the house up to the limit shown in the declarations, regardless of what the loan amount is.

It is against the law for a mortgage company to require you to secure insurance for the value of the loan. They can be fined.

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