Portfolio Insurance issues when mortgage co ask for declaration
I have a portfolio insurance policy on my rentals and I get much better rates then when I was using the large national insurance companies with catchy TV ads, However, it's such a hassle for them to break out an individual declaration when I get that yearly proof of insurance request from the mortgage company for the ones that are leveraged. Is that common for this type of insurance?
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#2 Insurance Contributor
- Insurance Agent
- Nationwide
@Kevin Polite as @Casey J Burkhead references, having a master deal with escrow is not always the smoothest process. We have had some escrow servicer completely botch the process and other qho are able to work through a 20-30 location policy without a hitch.
There are some newer master policies out there that are on updated software platforms that can handle this better. We are currently putting several in place in the SC, NC and GA markets. The rates are competitive as long as your not on the coast.