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Bank Owned or Distressed Property Insurance: Mortgage lenders and Banks deserve protection for their recovered collateral for both residential and commercial REO properties for anything from floods to hurricanes, to fire, and from business contents to liability protection. Insurance for Homes and commercial properties repossessed by banks. After foreclosure a home might sit vacant on the market for months, vulnerable to the elements or other types of damage. REO insurance covers lenders and servicers from such unanticipated losses. The vacant and distressed property segment, which was barely thought of two years ago, has been a real need for the Lending Industry. Be Careful! Only work with an Agency well versed in the special needs, and fine print, of these type policies. Let Comegys Insurance insure your Bank owned Portfolio. Distressed and vacant properties include buildings or residences that have been abandoned because of the tenants being unable to pay their lease or mortgage. This can also include an office park where some of the buildings are still occupied but others are not, or it can include construction projects that were started and then abandoned because the financing for the project dried up. Security and maintenance are crucial for vacant buildings as they are targets for thieves that steal copper wiring or other parts of the building. They are also susceptible to other losses such as electrical malfunctions or busted pipes. The vacancies also pose a significant risk and financial burden to YOU as the owners or banks that still own the property and coverage is often necessary to ensure that building is covered in the event of a loss, despite being empty. We want to make sure you know how well protected your recovered assets are, so contact us today.
