Florida mortgage brokers are constantly asked, “Who should I insure with?” With Olympus as an answer, homeowner needs can be met quickly and comprehensively, with coverage that provides the most for every policy dollar.
As part of closing a loan, proof of adequate insurance coverage for the property used as collateral is typically required before the final papers are signed. Since in most cases the homeowner’s new residence is what secures the loan, it must be protected. When new homeowners ask who to turn to to fulfill this requirement, you can recommend Olympus without reservation to protect their investment as well as that of the financial institution. Being able to confidently point them at quality coverage benefits everyone.
Olympus Insurance Company has been satisfying the needs of Florida homeowners for years, providing confidence and peace of mind. In this series, we’ve looked at how Olympus benefits homeowners, agents, builders and contractors. How can the advantages of an Olympus homeowners insurance policy deliver quality results for those in the mortgage industry?
The advantages of Olympus for homeowners (and thus for mortgage brokers) are many. Olympus Insurance offers broad coverage for water damage, for example, providing high quality protection against one of the most costly types of claims. Hurricane deductibles can be switched to a low, flat option, eliminating the burden of thousands of dollars out of pocket.
When the burden of high costs associated with home damages or losses are covered by the insurance company, the likelihood that a homeowner will miss payments due to financial strain goes down. This is one of the best reasons to urge homeowners to opt for quality coverage over the cheapest policy available. Discuss what could happen if there was significant damage to the home, and how the homeowner would need to handle such a situation to stay on top of obligations.
Any interaction between the lender and the insurance company itself is usually minimal. In the case of small amounts of damage and claims filed, the homeowner and the insurance company handle everything between themselves. The process of reporting the damage, filing the claim, adjusting the claim, and repairing the damage should run smoothly in the event of a covered loss. If all goes as planned, the damaged property is restored and the value of the home (and its ability to serve as collateral) is unaffected. Insurance claim payout checks are usually made out to the homeowner (and lender if applicable) for small sums, or directly to a contractor in some cases.
Mortgage brokers who recommend Olympus Insurance Company for homeowners coverage can have the peace of mind that they are doing the best thing for both the homeowner and the financial institution they are working with.
This article is for informational purposes only and does not form a part of, replace, change or amend any terms, conditions, provisions or language within your Olympus Insurance policy. We encourage you to read your entire policy.