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Homeowner Insurance & Property Tax Information

WCDA will not accept hazard insurance policies that limit or exclude from coverage certain parts of the real property including but not limited to roofs, out buildings, and garages. The property securing each mortgage must, as a minimum, be covered by hazard insurance meeting the following requirements:

  1. Term - Policies generally should be for a period of at least one (1) year. Insurance must be in effect on the date of loan closing.

  2. Fire and Extended Coverage - Policies must afford protection against loss or damage from fire and other hazards covered by the standard extended coverage endorsement. The coverage should be of the type that provides for claims to be settled on a replacement cost basis. The WCDA will not accept hazard insurance policies that limit or exclude from coverage (in whole or in part) windstorm, hail damages, or any other perils that are normally included under an extended coverage endorsement. Such policies shall be in amounts specifically designated by the WCDA or, if not so designated, in amounts at least equal to the lesser of:

    • 100% of the full insurable replacement value of the improvements as established by the property insurer; or

    • the unpaid principal balance of the first Mortgage Loan plus any WCDA Down Payment Loan or Homebuyer Assistance Loan as long as the insurance coverage equals the minimum amount (80% of the insurable value of the improvements) required to compensate for damage or loss on a replacement cost basis. If it does not, then coverage that does provide the minimum required amount must be obtained.

  3. Deductible - a maximum 2% deductible of the dwelling coverage for ALL perils is required on all hazard insurance policies where WCDA is the mortgage holder. For Fannie Mae loans, the maximum deductible is 5% of the face amount of the policy. The deductible clause may apply to either fire, extended coverage, or both. When a policy provides for a separate wind-loss deductible (either in the policy itself or in a separate endorsement), that deductible must be no greater than 5% of the face amount of the policy.

  4. Insurance Carrier requirements - In addition to being qualified to do business in the state of Wyoming, the insurance carrier needs to have a current Best’s Insurance Reports rating of Class VI or better or coverage with a Reinsurance Agreement satisfactory to WCDA. Insurance carriers will generally have their ratings posted on their web-sites.

  5. The mortgage clause on the policy shall contain a standard mortgagee clause endorsed in favor of WCDA:
    WCDA its successors and/or assigns
    C/O Mortgage Servicing
    P. O. Box 10100
    Casper, WY 82602

    Fannie Mae its successors and/or assigns
    WCDA C/O Mortgage Servicing
    P. O. Box 10100
    Casper, WY 82602

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