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  • Insurance Companies making getting a mortgage harder

    Feb 13, 2025

    Minneapolis, MN: “The growing crisis in the insurance industry may make it hard to get a mortgage in parts of the country in the coming decades”, Federal reserve Chairman Jerome Powel correctly stated recently.

    The insurance industry, beaten up hard by large costly events, like hurricanes, and California wildfires, combined with the dramatic increase in the cost to fix cars, and rebuild homes, have had no choice but to dramatically increase premiums, severely limit coverages, or in some areas, leave the market altogether.

    Worse yet, insurance company reduced coverages are now conflicting with Fannie Mae and Freddie Mac underwriting guidelines.

    Trouble getting homeowners insurance

    For example, almost all homeowners insurance is switching to something known as ACV roof coverage. ACV stands for “actual cash value. This basically means they will pay out roof claims on a depreciated value, not full replacement. They are also all switching to higher deductibles for roofs. Your home overall may have a $1,500 deductible, but your roof might have a 2% or 3% deductible. So a sample $400,000 home could have a roof deductible of as much as $12,000.

    Now assume a storm tears off your 10-year old roof. A new roof might be $18,000. As the roof is at half its 20-year lifespan, your depreciated claim is now just $9,000. Your deducible is $12,000. Congratulations, you get zero insurance claim for your lost roof. This is a simplistic example, but you get the point.

    Fannie Mae and Freddie Mac Disconnect

    Fannie Mae and Freddie Mac will not offer a loan on a home with ACV coverage, but it is now almost impossible to find anything but ACV coverage if your roof is more than 7-years old.

    If you can’t get the coverage you need to satisfy underwriting guidelines, you’ve got a big problem!

    I don’t see insurance changing anytime soon, so it looks like it will be up to Fannie Mae and Freddie Mac to adjust their guidelines to meet the current insurance industry realities.

    If you live in Minnesota or Wisconsin, we work with insurance companies like Reliable Insurance, that completely understand the issues, and can navigate around the craziness between the mortgage and insurance worlds in order to get your home loan closed.

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  • Equal Housing Lender. The Joe Metzler Team at Cambria Mortgage lends in Minnesota, Wisconsin, Iowa, North Dakota, South Dakota, Colorado, and Florida only. This is not an offer to lend or to extend credit, nor is this a guaranty of loan approval or commitment to lend. Information here can become out of date, and may no longer be accurate. Products and interest rates are subject to change at any time due to changing market conditions. Not all programs available in all states. Actual rates available to you may vary based upon a number of factors. Consumers must independently verify the accuracy and currency of available mortgage programs. All loan approvals are subject to the borrower(s) satisfying all underwriting guidelines and loan approval conditions and providing an acceptable property, appraisal and title report. Joe Metzler, NMLS 274132, Cambria Mortgage NMLS 322798. © 1998 - 2025.

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