It is your responsibility to obtain comprehensive insurance coverage on your house. This will include coverage for loss by fire and any other named perils either your lender requires or you desire. We must receive written proof, typically by fax directly from your insurance broker, of this insurance coverage before we can fund your mortgage and close the deal. This coverage must be equal to or greater than the amount of the mortgage or must include an endorsement stating that it provides âguaranteed replacement coverageâ. The insurance policy must name your lender as a loss payee. We will send you complete particulars of exactly how your lender must be described on the insurance policy, once all the details regarding your lender are finalized.