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Blanket Insurance
for Other Properties

Blanket Hazard Insurance for Home Equity, HELOCs, Consumer Mortgages

EquiShield provides comprehensive all-risk portfolio protection for residential second, third, or non-purchase first mortgages, second deeds of trust, closed or open-ended home equity loans, and consumer lending mortgages or refinances.

  • Single blanket insurance policy means no individual properties need to be reported
  • Eliminates the need to verify insurance coverage on individual properties for securitization
  • One annual premium based on portfolio size, lending activity, geographic spread
  • Policy responds when mortgagor’s primary insurance does not pay for losses incurred
    • Losses are adjusted up to mortgage balance on a replacement cost basis if the property is repaired; otherwise, actual cash value
  • Bank covers the cost of policy; not passed over to borrower.

Key Features

  • Single blanket insurance policy means no individual properties need to be reported
  • Eliminates the need to verify insurance coverage on individual properties for securitization
  • One annual premium based on portfolio size, lending activity, geographic spread
  • Policy responds when mortgagor’s primary insurance does not pay for losses incurred
    • Losses are adjusted up to mortgage balance on a replacement cost basis if the property is repaired; otherwise, actual cash value
  • Bank covers the cost of policy; not passed over to borrower.

Applies to

  • Banks
  • Credit unions
  • Depository institutions only

Coverage

  • All-risk, broad coverage on residential properties
  • Properties covered: second mortgage loans, equity loans, and non-purchase loan if reported on application
  • Lender’s security interest covered
  • Per occurrence limits from $250,000 to $5,000,000
  • Liability not available

Requirements

  • Completed EquiShield application
    • Please be sure to complete loan paper type (FICO scores) on application
  • Location of Loans — if there are more than 6 states, please attach report broken out by state to include number of loans and values
  • Attach a report separately listing any loans in the following counties and Washington, D.C.:
    • San Francisco, CA
    • New York, NY
    • Chicago/Cook County, IL
    • Boston/Suffolk County, MA
    • Philadelphia/Philadelphia County, PA

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Learn More

Talk to our blanket hazard insurance experts for more information about BBVA Insurance’s blanket insurance products.

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Losses are paid by the least of:

  • Replacement cost (if repairing, but Actual Cash Value if not repairing)
  • The outstanding loan balance
  • The policy limit

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