Indiana Code 32-29-1-2.5. Hazard insurance
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Terms Used In Indiana Code 32-29-1-2.5
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
Sec. 2.5. A mortgagee or a mortgagee’s assignee or representative may not require a mortgagor, as a condition of receiving or maintaining a mortgage, to obtain hazard insurance coverage against risks to improvements on the mortgaged property in an amount exceeding the replacement value of the improvements.
As added by P.L.73-2004, SEC.45.