Blanket Mortgage Fire Insurance

As an option to lender-placed hazard insurance, Loan Protector offers a blanket hazard insurance policy that covers an entire mortgage portfolio. This program protects against hazard loss due to an uninsured loss where the borrower has failed maintain required hazard insurance.

A blanket hazard policy will insure covered causes of loss on a borrower’s uninsured property. The lender must pay an annual premium based on the total outstanding loan balance and geographic footprint of the portfolio.

Benefits & Considerations:

  • Potentially eliminates the requirement to track hazard insurance on the mortgage portfolio
  • Provides coverage for uninsured losses as defined by the policy coverage form
  • Coverage limits to meet virtually any portfolio need
  • Coverage provided by numerous carriers rated “A” excellent or better by A.M. Best
  • Annual and monthly billing options are available
  • Premiums are the responsibility of the lender and cannot be recovered from the borrower
  • Premiums may increase after a year of high loss activity
  • Blanket programs may be prohibited under certain GSE servicing agreements or by regulatory agencies
  • Coverage provided by numerous carriers rated “A” excellent or better by A.M. Best

For more information contact Loan Protector at 877 369 5121 or click here to contact us.