Loan Insurance Requirements
Coverage for your collateral
Two-Way Contracts
What are the insurance requirements on my loan?
877-621-1096
Auto Loans
- the insurance company
- policy number
- coverage dates
- vehicle description & VIN
- deductibles
- show Deseret First as lienholder
Mortgage Loans
- the insurance company
- policy number
- coverage dates
- covered property address
- deductible
- show Deseret First as mortgagee
Condo / Townhome Loans
- HOA coverage
- condo coverage
Important Insurance Information
If you don’t buy your own insurance or provide proof of coverage as outlined in your loan agreement, we may buy Collateral Protection Insurance to protect the collateral. We will add the cost of this insurance to the loan and as a result, your loan payment may increase. The insurance Deseret First buys will generally be more expensive. In the case of auto loans, it does not provide the liability insurance required to legally operate a vehicle in most states. Our coverage protects the physical condition of the collateral only. With this in mind, we strongly urge you to buy your own insurance. If you don’t currently have insurance, we recommend our in-house agency! Deseret Insurance Agency can give you a free quote.
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