In 2024, Fannie Mae and Freddie Mac updated their selling and servicing guide to require homeowners to purchase full-replacement-cost insurance coverage. (Credit: Courtesy photo)
The National Association of Mutual Insurance Companies (NAMIC) has released a statement applauding a letter from Representative Mike Flood and other members of the House Financial Services Committee addressing concerns about the Federal Housing Finance Agency’s (FHFA) guidance on homeowners insurance.
According to the NAMIC, government-sponsored entities (GSE) Fannie Mae and Freddie Mac, which are supervised by the FHFA, updated their selling and servicing guide in early 2024 to require homeowners to purchase full-replacement-cost (RCV) coverage, which is to be annually verified.
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