What Is an ACORD 27? Evidence of Property Insurance Explained
The ACORD 27 is the one-page form most lenders want at closing. It is a summary of the property policy in a standard layout, so a processor can check it against the loan in a minute.
What it shows
The insured's name, the property address, the policy dates, the coverage and limits, the deductible, and the lender as mortgagee - with its clause, address and the loan number. It also names the agency that issued it.
What it is not
An ACORD 27 is evidence, not the policy. It does not change or add to the coverage. If the policy itself does not carry something, writing it on the evidence does not create it.
The other ACORD forms
The ACORD 25 is a certificate of liability insurance and cannot show a building limit. The ACORD 28 is the evidence of commercial property insurance, used for commercial buildings. Flood is usually evidenced by the flood declarations page, or a flood-specific evidence form, never by adding a line to the property evidence.
Why lenders reject one
The mortgagee clause does not match word for word, or ISAOA/ATIMA is missing. The loan number is missing or wrong. The insured name does not match the borrower or entity on the loan. The coverage is below the requirement, or the deductible is over the cap. The dates do not cover the closing. Each of these is a reason to send it back.
Questions
Is an ACORD 27 the same as the declarations page?
No. The declarations page is part of the policy. The ACORD 27 is a standard summary of it for the lender.
Can I use an ACORD 25 for my rental?
No. The ACORD 25 is for liability. Property is evidenced on the ACORD 27 or 28.
Can the evidence show coverage the policy does not have?
No. The evidence only reports the policy; it does not change it.
Related coverage
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Send the address and your lender's details - we quote with several carriers at once and send the evidence of insurance to your lender. Or call 512-801-8702.