			Frequently Asked Questions

			What is ACE Disaster Mortgage Protection®? DMP® is insurance that pays your monthly mortgage payment (with any included taxes and escrow) should your home become uninhabitable for 48 hours or more due to a covered disaster that causes damage to your home. If you are unable to live in your home for less than 30 days, your monthly mortgage payment is prorated for the actual number of days you are displaced. If you are unable to live in your home for more than 30 days, we prorate the first calendar month and pay the full mortgage payment for each additional calendar month you are displaced, including partial calendar months. Payments are made for up to two years while your home is being repaired or rebuilt. Example: If you are forced out of your home on January 15 and move back in on March 15, we would prorate your monthly mortgage payment for January but would pay all of it for both February and March, even though you were only out of your home for half of March. DMP® also pays up to $500 of your homeowners policy deductible for a covered loss if your home is temporarily uninhabitable for more than 48 hours. Should your home become permanently uninhabitable, DMP® pays your mortgage loan balance up to $250,000. back to top What types of disasters are covered? This is an all-risk policy, so any disaster that causes damage to the structure of your home is covered, unless specifically excluded in the policy. Covered disasters include fire, hurricanes, flooding, earthquakes and tornadoes, as well as common household disasters. back to top Explain temporarily and permanently uninhabitable. Temporarily uninhabitable means you are unable to live in your home for more than 48 hours while repair or reconstruction is taking place to make your home livable again. Permanently uninhabitable means your home cannot be rebuilt due to condemnation or movement of the land which causes the property to be permanently unfit for re-building. back to top How is this different from my homeowners insurance? Your typical homeowners policy pays for the repairs to your home but it usually does not make your mortgage payment. ACE Disaster Mortgage Protection® pays your mortgage payment for up to two years, if your home becomes uninhabitable for 48 hours or more due to a covered disaster that causes damage to your home. back to top Does ACE Disaster Mortgage Protection® pay for repairs to my home? No, DMP® does not pay for repairs to your home. Your homeowners policy should cover the repairs. back to top Is this earthquake, flood or fire insurance? No, DMP® is not earthquake, flood or fire insurance. ACE Disaster Mortgage Protection® was designed to assist homeowners by paying the mortgage payments in the event of a disaster. Should an earthquake, flood or fire damage your home, DMP® pays your mortgage payment while you are unable to live in your home – for up to two years if your home becomes uninhabitable for 48 hours or more – and pays up to $500 of your primary property insurance deductible. back to top Does this policy cover me if I die or become disabled? No, ACE Disaster Mortgage Protection® is insurance that can protect your mortgage payment if a disaster strikes your home. It does not pay in the event of your death or disability. back to top Do I still need homeowners insurance? Yes, your mortgage company requires you to carry homeowners insurance. The homeowners insurance pays for covered damages to your home. Homeowners insurance usually does not make your mortgage payment. back to top Can I cancel at any time? Yes, you can cancel the policy at any time by calling ACE USA at 1-800-234-7354. back to top Are Condominiums and Townhouses eligible? If owner occupied, condominiums and townhouses are eligible provided it is the primary residence. back to top Does ACE Disaster Mortgage Protection® cover my rental property? No, Disaster Mortgage Protection® coverage only applies to primary residences. Rental properties, mobile homes and manufactured homes are not eligible for this offer. Coverage applies to primary residences only. back to top Does ACE Disaster Mortgage Protection® insure my home if I reside there six months or more of the year? DMP® can only insure the home you claim as homestead exemption for tax purposes. That is, only your primary residence is eligible for ACE Disaster Mortgage Protection®. back to top When does this insurance expire? A DMP® policy is written for one year. You will receive a renewal policy and premium invoice each year. back to top When does the policy take effect? If you enroll today, your policy will typically become effective in 10 days. Coverage is not effective until the date shown on the Declarations. back to top Will I receive a policy? Yes, you are sent a policy for your records within approximately seven days of your enrollment. back to top Do I send a premium payment with the enrollment form? No, you will be billed when your policy is issued, based on the payment terms you selected. back to top How is the premium payment determined? The premium is determined by your total monthly mortgage payment including taxes, insurance and other escrows. If your taxes are not included in your monthly mortgage payment, then we do not cover those taxes in any reimbursement. ACE Disaster Mortgage Protection® pays only the amount you regularly pay to your mortgage company. back to top Does the premium ever change? The policy is designed to cover your monthly mortgage payments. If your monthly mortgage payment changes significantly, it is in your best interest to make sure that your coverage is adjusted to cover the payment. If your mortgage payment changes significantly for any reason, please contact our Customer Service Center at 1-800-234-7354 to insure you have the right coverage. back to top Do I have to reimburse the mortgage payments paid? No benefits have to be repaid if you file a claim. ACE Disaster Mortgage Protection® insurance is not a loan. back to top How do I file a claim? A claim can be filed by calling ACE USA at 1-800-234-7354. back to top