The severe weather we've experienced across the United States this spring has been one for the record books. Hundreds of people have been impacted by the severe storms, flooding and tornados this spring; many suffered catastrophic losses. As spring gives way to summer and hurricane season begins to take shape, it's a good time for all of us to think about our insurance coverage. Do you have adequate coverage in case the unthinkable happens? When was the last time you reviewed your coverage with your insurance agent?

As a homeowner keeping your property properly insured can give you peace of mind, but did you know if you have a mortgage on the property that insurance is most likely required? Most mortgage agreements require homeowners maintain and provide proof of adequate property insurance including hazard, windstorm and possibly even flood insurance if the property is in a Special Flood Hazard Zone. In addition, homeowners are typically required to include their mortgage company on the policy under the mortgagee clause, which is also referred to as a loss payee clause. Insurance companies often handle providing proof of insurance to the mortgage company listed on the policy, but providing proof is ultimately the homeowner's responsibility so it's a good idea to check with your mortgage company every year to make sure they received proof of coverage.

If you are a CitiMortgage customer and need assistance paying for your own insurance policy, we may be able to help by advancing the payment and establishing an escrow account for your annual policy payments as part of your monthly mortgage payment. Contact us at 800-442-8774^† for more information.

^† Calls are randomly monitored and recorded to ensure quality service.