Blanket insurance, or a single policy that covers more than one property, is a form of insurance coverage paid for by the bank, lender or servicer. Blanket policies can be especially effective for the protection of condominium units, second mortgages and home equity lines of credit. These policies protect the lender on individual loans by providing protection in the event a loss occurs and the policy provided by the consumer was not in force. Without a blanket policy, if damage occurs on a residence where insurance has lapsed, the owner or servicer may be responsible for that loss in full.
Blanket policies are often more cost-effective for portfolio owners, as they replace the need for staff and resources to monitor the portfolio to make sure insurance coverage is maintained by the individual owners across all properties, on an on-going basis.
At IL Group, we maintain relationships with the nation’s leading insurance providers, and our knowledge of these companies and their blanket insurance products enables us to offer solutions to meet your specific needs. Our team of insurance experts will work with you to develop an insurance program that protects the interests of your portfolio, helping reduce risks and increase efficiencies in managing your insurance operations.
What You Can Insure