Real estate stakeholders need to be able to protect themselves and their investments. T.C. Parker offers insurance solutions tailored to meet the needs of investors, lenders, and financial institutions.
Real estate investments come with inherent risks. Savvy investors, lenders, financial institutions, and insurance agents understand the importance of safeguarding their interests.
T.C. Parker, a trusted name in the insurance industry, offers a suite of specialized insurance policies tailored to the unique needs of real estate professionals.
We offer four key areas of coverage that cater to different stakeholders in the real estate landscape.
#1 Real Estate Owned Portfolio Coverage: Exclusive Shield for Investors
Real Estate Owned (REO) Portfolio Coverage offers tailored protection for real estate investors.
REO properties demand a specialized insurance approach, and T.C. Parker rises to the occasion with its Real Estate Owned Portfolio Coverage. This exclusive offering shields real estate investors from risks associated with owned properties, providing coverage for damages, liabilities, and unforeseen events.
With customizable options including hazard, liability, flood, wind-only, x-wind, earthquake, ordinance and law, and loss of rents, investors can align the coverage with the specific nuances of their real estate portfolio.
T.C. Parker’s primary focus for REO portfolio coverage is a schedule consisting of residential (1-4 family) dwellings making up 80% or more of the portfolio. Your portfolio needs a minimum of 5 locations or future growth that will increase the portfolio to meet the minimum. We are also willing to consider terms for commercial, mobile homes, and residential 5+ units depending on your submission.
Note: We do not insure vacation or short-term rentals (AirBNB or VRBO), Standalone GL (unless vacant land), multi-family or apartments greater than 15 units, or mobile home parks/communities.
#2 Mortgage Impairment Insurance: A Shield for Financial Institutions, Lenders, and Investors
Mortgage Impairment Insurance coverage safeguards lenders and investors against financial losses arising from borrower defaults, property devaluation, or other mortgage-related risks.
These errors in mortgage servicing happen outside of your control. Mortgage Impairment policies serve as a “backstop” in the event these errors or omissions impair the lender’s interest as a result of a foreclosure and uninsured loss.
This coverage is broad by definition and includes:
- Coverage for loss from hazard and flood when coverage is insufficient or uncollectable due to an error or omission
- Real estate tax liability, defective title, etc.
- Loss of mortgage guarantee
- Life and disability coverage errors/omission
By mitigating these financial impacts, lenders and investors can enhance their risk management strategy and ensure the stability of their lending operations.
#3 Lender-Placed Insurance: A Crucial Layer of Protection
Financial institutions, lenders, insurance agents, and investors require a robust insurance solution to address the intricacies of their holdings. T.C. Parker’s Lender-Placed Insurance steps in to provide a crucial layer of protection.
This coverage is designed to protect the interests of financial institutions by filling gaps in insurance coverage on properties within their portfolio. Lender-Placed Insurance protects your interest in your collateral against loss from physical damage, like fire, wind, water, vandalism, theft, flood, and collision.
With this safety net, financial institutions can navigate potential risks confidently.
#4 Blanket Mortgage Hazard Coverage: Comprehensive Protection
This comprehensive protection shields investors, lenders, and financial institutions from uninsured physical damage losses to properties in their portfolio. It allows lenders to provide coverage without requiring any insurance tracking or borrower follow-up on individual properties.
Blanket coverage options include:
- Dual-interest coverage
- Comprehensive all-risk protection
It covers residential and commercial first mortgages, second mortgages, HELOCs, condo units, and mobile homes. Blanket coverage eliminates hazard insurance tracking after coverage has been verified at loan closing. It also does away with the need to force-place coverage on uninsured loans.
There’s no risk of a lapse in coverage, too. Properties are covered through the foreclosure process.
Investors, Lenders, and Financial Institutions Alike Choose T.C. Parker
T.C. Parker’s tailored insurance solutions cater to the specific needs of real estate investors, lenders, financial institutions, and insurance agents. Specializing in these niche policies allows T.C. Parker to empower stakeholders to navigate the dynamic real estate landscape with confidence.
Choose T.C. Parker for specialized insurance solutions that go beyond protection – they empower success in every real estate venture. Learn more about these policies and connect with one of our agents to get started.
