What is the mortgagee clause for Rocket Mortgage?

The mortgagee clause is a provision found in the insurance policy that specifies the lender, in this case, Rocket Mortgage, as the beneficiary of any insurance claim pertaining to the property. Generally, the clause includes Rocket Mortgage's name and address and might be required when setting up homeowners' insurance for a property with a Rocket Mortgage loan. The specific details of the mortgagee clause can vary based on the agreement, but it essentially protects Rocket Mortgage's interests by ensuring that the insurance payout is used to repair damages or, if necessary, pay off the outstanding balance of the mortgage in case of a total loss. This clause ensures that the collateral securing the loan—namely the property—is protected against risks that could devalue it. To obtain the precise wording and content of Rocket Mortgage's mortgagee clause, it is recommended to directly contact the company or refer to the loan closing documents where this information would be accurately provided.