What is the minimum notice period a mortgagee must receive before cancellation of a policy?

The minimum notice period a mortgagee must receive before the cancellation of a policy is set at 10 days. This requirement is established to protect lenders by ensuring they are adequately informed prior to the termination of a policy that secures their interest in the property. By providing a 10-day notice, mortgagees have a designated timeframe to address any issues related to the policy, seek alternative coverage, or take other necessary action to protect their financial interests in the property. This regulation is essential, as it promotes transparency and communication between the insurer and the mortgagee, thereby minimizing the risk of unexpected losses due to lack of insurance coverage.