Force Placed and REO Insurance Program

Community Banks and Credit Unions

Force Placed & Bank Owned Properties (REO)

Overview of the Program from Innovative Risk Solutions

Innovative Risk Solutions offers a robust Force Placed and REO Insurance Program designed specifically for community banks, credit unions, and other mortgage lenders. This program provides comprehensive protection for both residential and commercial properties that are either bank-owned (REO) or require force-placed coverage due to lapses in borrower insurance.

With a streamlined administrative process and broad coverage terms, this solution is an excellent fit for institutions managing a portfolio of foreclosed or uninsured properties. Innovative Risk Solutions is a Managing General Agency (MGA) with access to top-rated carriers including Lloyd’s, Great American, American Modern, Arch, and many others.

Ideal Accounts and Appetite

This program is ideal for:

• Community banks and credit unions with active mortgage portfolios
• Institutions managing REO properties due to foreclosure or default
• Lenders seeking reliable, easy-to-administer force-placed insurance options

Good-fit accounts include those with a mix of residential and commercial properties, whether vacant, occupied, or in transition. You might have a client who recently acquired several foreclosed homes and needs immediate property and liability coverage—or a credit union requiring flood and vandalism protection for its REO inventory.

Coverage Highlights and Advantages

• One master policy covering all properties
• Property, liability, and flood coverage available
• Coverage for both residential and commercial risks
• Open Perils Form (similar to Special Form)
• ACV or RCV options, no coinsurance
• Windstorm and hail included in all locations
• Theft and vandalism covered with monthly inspections
• Water damage covered, subject to winterization
• Premises liability: $1M per occurrence / $2M aggregate
• Automatic borrower notification system
• Electronic monthly file exchange for high-volume lenders
• Easy online administration—no endorsements needed

Underwriting Notes and Minimum Premiums

Innovative Risk Solutions requires a completed application, a list of properties (spreadsheet preferred), and three years of loss history. The minimum premium for this program is $2,500. Submission materials can be sent via email or fax for quick processing.

Territories and Availability

This program is available in all U.S. states except Alaska (AK) and Hawaii (HI). Both admitted and non-admitted markets are available, depending on state and risk profile.

Why Work With Innovative Risk Solutions?

As a specialized MGA, Innovative Risk Solutions brings deep expertise and a lender-focused approach to force-placed and REO insurance. With access to multiple A-rated carriers and a commitment to fast, accurate service, they help agents provide their lending clients with reliable and competitively-priced coverage. The program's flexible structure and technology-enabled administration make it easy for agents to scale coverage across multiple properties with minimal friction.

How to Get a Quote & Information: