ACORD 27 Form

January 21, 2024
acord 27 form

Long ago, before the formation of the Association for Cooperative Operations Research and Development organization, or ACORD, there was little to no standardization in the insurance industry. Every insurer essentially created its own policy forms, causing confusion and differentiation in a sector that could sorely benefit from one “correct” way to do things. Thus, a group of industry professionals got together in the 1970s to create an organization with standardization in mind.

ACORD is most notable for creating and rallying people behind certificates of insurance—documents that provide evidence of insurance coverage. ACORD forms have helped create standardization throughout the insurance industry for practitioners, vendors to policyholders who don’t even know what ACORD is or how they’re benefitting from it. 

In today’s blog, we’ll specifically be covering ACORD 27 forms. Be sure to check out our Certificates of Insurance 101 guides to learn more about ACORD, COIs, and how to maintain compliance across industries.

What Is a Standard ACORD Form?

There are many kinds of ACORD forms, each serving a purpose (denoted by a number) specific to the type of coverage that it represents. So, when people mention the “standard ACORD form,” they could be talking about any number of forms depending on what kind of insurance they are specifically looking to verify. However, usually, they’re talking about ACORD 25. The ACORD liability insurance form, or ACORD 25, is one of the most commonly used ACORD insurance certificates and serves as the standard COI for providing proof of one’s general liability insurance coverage. 

What Is an ACORD Form 27?

Let’s move on to cover the main topic of today’s blog: ACORD 27 forms. The ACORD 27 COI is officially called Evidence of Property Insurance, as it pertains to property insurance policies.

​​This one-page (standard length) business certificate of insurance is widely used to confirm that a person or organization is covered by insurance for their personal property, which could include their assets and other possessions. Usually, it provides an overview of an insurance policy that covers property for another party that has an interest in the piece of property or real estate covered. 

ACORD 27 forms are commonly requested by mortgagees, people who are interested in purchasing a home, renting out a property, those applying for a loan that requires them to carry personal property insurance, or loss payees of a mortgage or loan. 

What Is an ACORD 27 Form Used For?

An ACORD 27 form is used to provide proof of someone’s property insurance, typically in order to verify that they have coverage for a personal property such as a home. Some common examples of when ACORD 27 forms are used include:

  • When renting a property
  • When insuring a house or condo
  • When providing evidence to mortgage lenders or stakeholders
  • When personal property is being used as collateral for a loan

Find out more about how to verify insurance coverage here.

What Is an ACORD 27 Form Example?

Let’s discuss an ACORD 27 example. Two young first-time homebuyers, Roger and Mary, are thrilled about putting in an offer for a new home. However, they can’t afford to pay for the property out of pocket, so they decide to finance the home through a mortgage. 

As most should and would, their mortgage lender requires them to secure homeowners insurance before closing on the mortgage. This insurance serves to protect their property and ensure that the lender’s investment is covered in case of unforeseen events. 

Once the policy is issued, the insurance company provides Roger and Mary with a filled-in ACORD 27 form, also known as a certificate of property insurance, which will serve as proof that the property is insured against specified risks. 

They submit the certificate of property insurance to the mortgage lender as proof of insurance coverage, fulfilling the lender’s requirement that the property be adequately protected. With the required insurance coverage in place, Roger and Mary can close on the mortgage and move forward happily with their purchase.

How to Fill Out an ACORD 27 Evidence of Property Insurance

To fill out an ACORD 27 form, also known as Evidence of Property Insurance, COI Real Estate, or a Certificate of Property Insurance, you should contact your insurance provider who is granting your coverage under the policy. This is because you will not actually be doing the filling out—they will. If you’re searching for an ACORD 27 fillable online form, remember that only your insurance provider can fill in and certify the document for you, and it is not something you should attempt to do on your own.

Where Can I Download ACORD Forms?

To find free ACORD forms, you can utilize the ACORD forms portal on their website. You may have to create a username and password to log in. As a reminder, while online versions of ACORD forms, such as an ACORD 27 form PDF, are useful, be sure not to get the wrong idea. These digital forms and examples are meant to be examples only or educational tools to learn more about them rather than actual, fillable documents.

Find Out Why myCOI Is Your Perfect Partner in Compliance

Have more questions about ACORD forms? Not sure if you’re making the right calls when it comes to insurance verification? Still unsure about why COIs are necessary? Reach out today to schedule a complimentary demo for a top-tier COI management solution. 

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