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Homeowner and Flood Insurance

Frequently Asked Questions

Homeowner and Flood Insurance

Having adequate insurance protects you financially from losses due to fire, theft, and possibly other events. Maintaining adequate insurance coverage also protects your lender's financial interest in the property, and is required by the terms of your loan.

If your property is designated by FEMA to be in a Special flood Hazard Area, you are required by law to carry flood insurance on the property as stated in the Flood disaster Protection Act of 1973.

Why did I receive a letter asking for evidence of insurance?

We may not have received an insurance policy renewal or we may have received a notice of cancellation from your insurance provider. Additionally we review your coverage from time to time and will send you notification if we believe you have insufficient coverage to protect your property. If you have received such notification please provide Star One a copy of your insurance policy.

If proof of acceptable coverage is not received, we may then purchase a lender-placed policy at your expense. Note that lender-placed policies only cover the lender's interest in the property, there is no coverage for personal belongings or other liabilities.

How can I provide Star One Credit Union proof of adequate insurance?

For your convenience, you or your insurance agent may furnish evidence of insurance in the following ways:

  • Use the Reference ID listed on your notice to access your account on and submit proof of coverage or check your current insurance status
  • Mail a copy of your current insurance policy to us at: PO Box 330, Carmel, IN 46082
  • Contact your insurance agent with regard to providing us evidence of hazard insurance
  • Contact the Insurance Service Center at 1 (800) 998-0761

Do I need to notify Star One if I change insurance companies?

You can change your insurance carrier at any time, however you will need to provide Star One with the new carrier's name and your new policy number. Before you make any changes to your deductibles, please contact us to see if there are any restrictions or limitations. Additionally please inform your new insurance carrier that the Star One Credit Union mortgagee clause should read as: Star One Credit Union, ISAOA PO Box 330, Carmel, IN 46082.

How do I pay my insurance premiums?

If you have an escrow account

The insurance premium is included in your monthly mortgage payment and kept in your escrow account. When your insurance bills are due, we use the money in your escrow account to pay them on your behalf.

If you don't have an escrow account

You'll pay the premiums to your insurance company yourself.