IL Group is head-quarter on the almost always beautiful Gulf Coast of Alabama, but with the looming of Hurricane Irma bearing down on us, we thought this would be a perfect opportunity to discuss our Lender’s portfolio protection!
Speaking of Houston, consider this excerpt from theatlantic.com
“Floods cause greater property damage and more deaths than tornadoes or hurricanes. And Houston’s flood is truly a disaster of biblical proportions: The sky unloaded 9 trillion gallons of water on the city within two days, and much more might fall before Harvey dissipates, producing as much as 60 inches of rain.”
Imagine the loans on those properties owned by your institution!
Next, consider Hurricane Irma according to the numbers at cnn.com
- “65,000 -The square mileage of Irma's tropical storm force winds. That's roughly the same area as the state of Florida.
- 300 miles -The diameter of those tropical storm force winds, which is about twice as wide as Florida's peninsula.
- 185 miles per hour - The strength of Irma's maximum sustained winds.
- 1992's Hurricane Andrew, the most destructive hurricane to hit Florida, had maximum winds of 175 mph. Florida Governor Rick Scott warned that Irma was "bigger, faster and stronger" than Andrew, which hit as a Category 5.”
Just think of the number of those properties in the path of this destruction that are under Lender Placed Insurance and/or REOs!
These figures are not just meant to terrify (although they should) they are simply meant as a “check point”. The last thing a busy Operations person wants to do is think about insurance and the time it takes to gather data. But can you afford not to?
IL Group prides itself on the team we have built to form a true partnership with our clients and provide them with the absolute best portfolio coverage and customer service in the industry! Take the time to ask the questions and truly understand the importance of your Lender Placed policies – you can contact IL Group and we will be happy to help you through the process!
This post was written and submitted by Tobi Libbra of IL Group. IL Group has been providing customized lender-placed insurance products and services to lending institutions since 1989. Tobi is their Regional VP of Sales and a trusted friend of The Knowledge Coop.
Tobi Libbra, tlibbra@ilgroup.com
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