Verify Insurance

I have a loan with ABNB. Why should I verify my insurance?

One of the requirements of the Loan Agreement you signed with ABNB is to provide comprehensive and collision coverage, homeowners insurance coverage, or flood insurance coverage protecting ABNB's interest for the full term of the your loan. You are responsible for notifying ABNB that you have this required insurance.

How do I notify ABNB that I have the insurance required by my loan?

You have three convenient options for notifying ABNB of your insurance coverage:

Submit Insurance Information Online
Fill out the Insurance Verification for Members form.

Fax a Copy of Your Policy
You or your insurance agent can fax a copy of your current insurance policy to (866)869-0153.

Mail a Copy of Your Policy
You or your insurance agent can mail a copy of your current insurance policy to the following address: ABNB Federal Credit Union, ATTN: Insurance Department, 830 Greenbrier Circle, Chesapeake, VA 23320.

What do I do if I don't have insurance?

You need to get it.
Your Loan Agreement requires that you carry physical damage insurance coverage, homeowner's insurance coverage, or flood insurance coverage to protect ABNB's interest. Please notify ABNB once you have obtained the required insurance.

You can do it yourself—
Please contact the insurance agent or insurance company of your choice to obtain coverage, making sure to name ABNB as Loss Payee/Lien holder on your new policy.

Or we can do it for you.
If you don't obtain your own insurance, your signed Loan Agreement allows ABNB to purchase insurance to protect our interest in your collateral, and add the premium for the purchased insurance to your loan balance. It also allows ABNB to increase your payments to cover the cost.

The insurance purchased by ABNB usually is considerably more than the cost of insurance you may be able to obtain on your own, and only protects ABNB's interest in your collateral. It will not provide any bodily injury or property damage liability coverage, nor meet any financial responsibility or no-fault laws. The insurance will not provide medical insurance, uninsured motorist or underinsured motorist coverage.