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Insured? Yes or No

Your insurance customers will likely call you for help with their policies. Often, this will involve some administrative help. For example, if you provide homeowners policies, you might need to present proof of insurance for the mortgage lender. Usually, this is relatively simple to do. However, the point is to make the process convenient for your clients. How can you do so?

The better access your clients have to policy info, the better they'll be able to take advantage of services. After all, if a claim arises, clients should have their policy at their fingertips.

Why Proof Of Insurance Matters

Some people think that home insurance only applies to a customer and their property. However, a third party often becomes involved in matters of coverage. This might be a mortgage lender.

The mortgage lender will provide a loan so the buyer can purchase the home. By doing so, they take on a financial interest in the home. If a problem were to occur, then they might lose some of their own investment in the property. To stave off such a risk, they might require homeowners to obtain insurance on the property.

To maintain the loan, the owner might have to provide the lender proof that they have insurance. Acceptable proof might include:

  • A letter from the insurer or agent certifying coverage
  • A copy of the full insurance policy
  • A declaration page listing critical information about the policy

Some of the information these documents might have to list include:

  • The property address and other identifying information
  • Proof that the policy names the lender as the mortgage provider
  • Specific coverage limits for structural and liability protection
  • The policy number, insuring entity and the name of the agent in charge of the policy

As the client's agent, you will likely have to play a role in collecting and providing this information. There are quite a few ways to make the process easier.

  • When you mail (or email) a client's policy documents, include all necessary paperwork. At times, you might even be able to send this information directly to the lender through email or fax.
  • Guarantee that the policy lists all limits and other details required by the lender.
  • If an insurer provides online resources, check that the client's information goes to that site. Encourage the client to check this secure site for fast access to their policy documents. They can usually print directly from these links.

It doesn't take much to provide proof of insurance to your clients and their mortgage lenders. Yet, ensure that you do so expediently. Always confirm when and how you must assemble this information.

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Posted 12:00 PM

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