With the rising costs of homeowners insurance making headlines, servicers can step in and help people understand their coverage needs, according to the president of Cornerstone Servicing.

Toby Wells recently sat down with The Mortgage Note’s editor, Kimberley Haas, to discuss the topic. He said that wildfires in the West, hurricanes in the South, and hailstorms in the Midwest are causing more losses than in the past.

But it’s not just a high-risk area issue. Wells said homeowners’ insurance costs are going up throughout the country, with a few notable exceptions where prices have leveled off.

He said the best thing that a servicer can do is educate customers so they have an awareness of insurance, the risks that exist, and actions they can take.

#homeinsurance #mortgageservicing #mortgagenews