Wildfire Mortgage Coverage Verification with AI For Servicers, Funds and Lenders
If you’re a lender or servicer impacted by California wildfires, it’s important to quickly assess your insurance coverage. If a property in your portfolio has been damaged or destroyed by fire, here are the essential steps to take.
Step 1: Check Your Hazard Insurance Coverage
Review the collateral file, loan file, or asset file to confirm whether the hazard insurance policy includes any limitations or exclusions for wildfire damage. For example, if your policy limits coverage to $5,000 while rebuilding the property costs $1 million, you may not be able to recover your losses.
Step 2: Look for Coverage Gaps
Ensure that the policy doesn’t exclude or limit coverage for wildfires or similar disasters. If there are any gaps, now is the time to address them for future policies.
Plan Ahead for Future Coverage
While it may be too late to fix coverage issues for properties already affected by a wildfire, it’s crucial to verify that future policies provide adequate protection. This will help you avoid costly surprises down the road.
How One Diligence Can Help
At One Diligence, we offer an AI-driven solution with machine learning to analyze your loan files and identify any limitations in coverage. Our system helps you spot potential gaps in coverage for disasters like wildfires and hurricanes, allowing you to act before it’s too late.
Let’s Talk If you’re concerned about your coverage or want to ensure you're fully protected for the future, contact me below.
Let’s work together to safeguard your assets.
Property Title Searches in California
Preliminary Title Reports in California
If you’re a lender or servicer impacted by California wildfires, it’s important to quickly assess your insurance coverage. If a property in your portfolio has been damaged or destroyed by fire, here are the essential steps to take.
Step 1: Check Your Hazard Insurance Coverage
Review the collateral file, loan file, or asset file to confirm whether the hazard insurance policy includes any limitations or exclusions for wildfire damage. For example, if your policy limits coverage to $5,000 while rebuilding the property costs $1 million, you may not be able to recover your losses.
Step 2: Look for Coverage Gaps
Ensure that the policy doesn’t exclude or limit coverage for wildfires or similar disasters. If there are any gaps, now is the time to address them for future policies.
Plan Ahead for Future Coverage
While it may be too late to fix coverage issues for properties already affected by a wildfire, it’s crucial to verify that future policies provide adequate protection. This will help you avoid costly surprises down the road.
How One Diligence Can Help
At One Diligence, we offer an AI-driven solution with machine learning to analyze your loan files and identify any limitations in coverage. Our system helps you spot potential gaps in coverage for disasters like wildfires and hurricanes, allowing you to act before it’s too late.
Let’s Talk If you’re concerned about your coverage or want to ensure you're fully protected for the future, contact me below.
Let’s work together to safeguard your assets.
Property Title Searches in California
Preliminary Title Reports in California