Insurance & Taxes
Let PNC guide you through what's to be expected, and what's required of you.
Learn about the different types you made need:
Homeowner’s insurance provides financial coverage in the event of a covered loss to your home, other structures or contents. In addition, homeowners insurance provides personal liability coverage for third-party claims.
Insurance designed to protect your home in the event a natural disaster such as fire, flood, earthquake, hurricane or tornado were to strike and cause your home to become unlivable.
Mortgage Life Insurance & Mortgage Accidental Death Insurance
Mortgage life insurance pays off or reduces your mortgage loan balance (up to the policy maximum) in the event of death before the debt is paid, enabling surviving family members to retain their home. Mortgage accidental death insurance pays off or reduces your mortgage loan balance (up to the policy maximum) if your death is the result of a covered accident.
Private Mortgage Insurance
Insurance written by a private company to protect the mortgage lender against financial loss if a borrower defaults on the mortgage.
FHA Mortgage Insurance
An undertaking by the Federal Housing Administration (FHA) to insure the lender against loss if the borrower defaults on the mortgage.
VA Funding Fee
This fee is paid by the Veteran and/or third party, directly to the Veterans Administration, to guarantee a specified portion of the loan, should the borrower go into default.
Protection against flood loss through the 1973 Flood Disaster Protection Act.
Discuss your preferences, learn more about your loan options, and see if you are pre-qualified.
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Do I have to carry insurance on my home?
Yes. The terms of your Mortgage require that you maintain homeowner’s insurance on your property for an amount equal to 100% of the replacement cost of your property. Please keep in mind that this is a safeguard to protect both of our interests in the property should any damage occur.
Can I change insurance companies?
Yes. You can choose whatever insurance company you want as long as it maintains either a "B" or better general policyholder's rating, or a "6" or better financial rating as published in the A. M. Best Company's Insurance Reports. Just be sure to notify us of the change. Please write your loan number on your new policy, which may be faxed to 937-324-7101 or mailed to:
PNC Bank, N.A.,
ISAOA ATIMA, P.O. Box 7433
Springfield, OH 45501
How can I verify when my insurance premium was last paid?
Verification of payment of your insurance premium can be obtained by viewing our Escrow Information web page. If we have not received an updated policy from your insurance company or agent, we will pay the premium based on the most current information we have on record. If you have an updated policy, you may fax this information to us at 937-324-7101. Please be sure your loan number is written on the policy.
What is Force-Placed or Lender-Placed Insurance?
When proof of sufficient insurance coverage has lapsed, been canceled or has not been received, PNC Mortgage will obtain coverage on your property through a selected insurance company. Force-placed insurance is almost always more expensive than insurance coverage you can purchase yourself, and it only covers the structure. Personal property is not covered. Again, this coverage is a safeguard to protect both your interest and PNC Mortgage's interest in the property should any damage or loss occur. Force-placed or lender-placed insurance is cancelled upon our receipt of proof of sufficient coverage.
To avoid Force-Placed insurance, please ensure you have proper and continuous insurance coverage on your property.
What should I do with the insurance bill I have received?
Policy and renewal information should be faxed to 937-324-7101 or mailed to:
PNC Bank, N.A.
ISAOA ATIMA, P.O. Box 7433
Springfield, OH 45501
Please be sure to include your loan number on this information.
Why did my insurance payment increase?
If your loan is escrowed for insurance, your monthly payment will increase and/or decrease with any change to your insurance premiums. Your insurance company notifies us when they make a change to the premium amount on your policy, which ultimately will affect your monthly payment. Please contact your insurance agent regarding the cost of your insurance premium.
What do I do if I receive an insurance claim check?
In the event your insurance company has processed your claim and issued you a loss claim check, and your loan is due for the current month, contact Loss Claims via 855-657-5807 so we may determine the best way to process your check. You may mail your check to:
Attn: Payment Services
PO Box 1820
Dayton, Ohio 45401-1820
If you have additional questions, call Loss Claims at 855-657-5807.
Do I have to carry Flood Insurance?
If your property lies within a FEMA defined Flood Zone "A" or "V", federal law requires you to maintain and provide proof of flood insurance coverage. If there are any changes in your flood zone, PNC will notify you by mail.
I've been informed that I need a flood gap policy, why is that necessary?
PNC has found that your flood insurance coverage is lower than the amount of coverage necessary to repair / replace your home in the event of a flood loss. PNC requires your flood coverage to be equal to 100% of the replacement cost of your home or $250,000, whichever is less.
- Affidavit – Affidavit for an insurance loss claim
- Insurance Claim Procedure Checklist - Ensure you provide PNC Mortgage with the items required to process your request
- Statement of Satisfaction – States that work on property has been completed and customer is satisfied
- Waiver of Lien and Certificate of Workmanship – Form for contractor to sign after work has been completed
Estimating Tax Costs
Calculate: How Much Can I Save in Taxes?
Why did I receive a bill from my taxing authority when PNC Mortgage is supposed to pay the bill for me?
More than likely, this bill is an assessment or supplemental bill. Some taxing authorities will send this type of bill because an additional amount is due that was not assessed at the beginning of the current tax cycle. You may wish to contact your local taxing authority for clarification.
What should I do with the tax bill I received?
If your loan is not escrowed for tax payment through PNC, you should pay the amount due to the taxing authority listed on your bill. If your loan is escrowed and the tax bill you received has not been paid, please write your loan number on the bill and fax it directly to our Tax Department via 855-295-7866, or mail to:
Attn: Tax Department
P.O. Box 1804
Dayton, OH 45401-1804
When were my taxes last paid?
You can view a breakdown of the taxes paid by visiting our Escrow Information page.
If a tax bill has not yet been disbursed, we may not have received an updated bill from your taxing authority. Your tax bill may be faxed to us via 855-295-7866. Please be sure to write your loan number on your tax bill.
If you require further research into the matter, please call us with your specific questions and we will be happy to assist you.
Why did my taxes escrow collection change?
There are several reasons your taxes could change.
- Your property could have increased in value
- Your jurisdiction could have raised the tax rate due to budget demands
- There could be additional or increased levies
PNC pays the amount shown due on the current year's tax bill. Please contact your taxing authority for further information.
I sold this property. What should I do with the tax bill?
You can either forward it to the new homeowner or immediately contact the appropriate taxing authority to inform them of the change.
I am the new owner of this property. Why am I being billed for the entire year?
Property taxes are assessed against the property, not the person. Taxing authorities generally do not pro-rate taxes between new and prior owners.
However, during the closing of a typical real estate transaction, tax amounts are pro-rated between buyer and seller. You may confirm this by reviewing your closing status.
What is a Homeowner Tax Area?
Some states contain special tax areas called homeowner areas. In a homeowner tax area, PNCcannot receive tax information from the taxing authority, nor are we allowed to access the tax records without the homeowner's permission. If the loan is escrowed for taxes, the borrower must provide the tax bill to PNC or give authorization to the taxing authority to release the tax information to us. If your property is located in Kentucky or Pennsylvania, it is likely you are located in a Homeowner Tax Area.
PLEASE NOTE: Your tax bill should be sent to:
Attention: Tax Department
PO Box 1804
Dayton, OH 45401-1804
PNC Mortgage will send a Homeowner Tax Area instruction letter to you approximately 45 days prior to your tax bill due date. Please be sure to watch your mail for these important instructions concerning your real estate taxes.
Important Legal Disclosures & Information
Consult a tax advisor regarding the deductibility of interest.
PNC Bank, National Association. Member FDIC.
PNC, PNC HomeHQ, PNC Home Insight®, and Home Insight® are registered service marks of The PNC Financial Services Group, Inc. ("PNC"). PNC has pending patent applications directed at various features and functions of Home Insight Planner. All loans are provided by PNC Bank, National Association, a subsidiary of PNC, and are subject to credit approval and property appraisal.
For Adjustable Rate Mortgages loans ("ARMs"), rates may increase after settlement.