Real Estate Owned (REO) Property — Overby Seawell Co.
Overby Seawell Co. offers a flexible REO Property program that lets you tailor coverages, limits and deductibles to the needs of lenders, servicers and real estate investors. The program is designed for agents who need broad eligibility, competitive limits and options for properties that are vacant, bank-owned, or held for resale.
Key benefits and program options:
- Wide eligibility: accepts residential and commercial REO, including mobile and manufactured homes; optional business personal property coverage available
- All-risk coverage: broad peril language with limits up to $5,000,000 per location
- Replacement cost settlement: most losses settle without depreciation (certain exceptions apply)
- Wind included: wind coverage available even in coastal territories and for named storms
- Flood options: three tiers to match risk—$25,000 per property with $2M annual aggregate; $250,000 residential / $500,000 commercial; or $1M per property location
- Flexible deductibles: standard options from $250 up to $100,000 (special wind deductibles may apply)
- Optional earthquake coverage: available in most states (not offered in AK and CA under this program)
- Liability options: general liability up to $1M occurrence / $2M aggregate; vacant land liability and independent contractor liability available
Overview — who this program serves
This REO program from Overby Seawell Co. is aimed at agents placing bank- and investor-owned properties, servicers handling portfolios of foreclosed properties, and brokers who need a flexible, admitted-style solution in many states. It is a Managing General Agency offering access to multiple carrier markets to accommodate different risk profiles and coverages.
Ideal accounts and appetite
- Lenders and servicers with small to large REO portfolios
- Investors and asset managers holding vacant or rehab properties
- Commercial and residential locations, including manufactured homes
Generally not a fit: properties with unresolved code or major environmental exposures, accounts where active habitational occupancy is intended without prior notification, or risks requiring specialized surety or statutory coverages beyond the program scope.
Coverage highlights and competitive advantages
Overby Seawell’s REO program emphasizes flexibility and speed: multiple flood tiers, replacement-cost settlement, wind coverage in coastal zones, and significant per-location limits (up to $5M). The MGA placement model gives you access to various carriers and underwriting options so you can match terms to the account rather than shoehorning a risk into a single product.
Underwriting notes and minimum premiums
Underwriting is account-specific. Expect to provide property condition, vacancy status, prior loss history, and valuation details. Minimum premium and terms vary by state and carrier; please indicate 'minimum premium: Varies' when quoting and submit complete information for accurate placement.
Territories and admitted status
Availability: Most Available States. The program has broad state availability, including AK, AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY and DC. Because carriers and admitted/non-admitted options vary by state, underwriting availability is confirmed at submission.
Why place REO with Overby Seawell Co.
As a Managing General Agency, Overby Seawell Co. pairs program flexibility with market access. You get: access to various carriers, flexible flood and wind solutions for coastal risks, replacement-cost options, and liability modules tailored to vacant and contractor exposures. The program is designed to move quickly on portfolio submissions while offering multiple limit and deductible choices.
Example scenarios: You might have a servicer with a mix of single-family REO and a few manufactured homes needing wind and flood coverage, or an investor with rehab properties that need vacant property and general liability limits for independent contractors — this program can be structured to meet both.
Frequently Asked Questions
What types of REO accounts are a good fit for this program?
The program fits bank-owned and investor-owned residential and commercial properties, including mobile/manufactured homes and vacant properties. It’s ideal when you need flexible limits, flood options, and wind coverage for coastal risks.
What flood options are available?
There are three flood tiers: a $25,000 per-property option with a $2M annual aggregate; a mid-tier with $250,000 per residential and $500,000 per commercial property; and a high-limit option up to $1M per property location. Availability depends on carrier selection and state.
Are there limits on liability or contractor exposures?
Yes. General liability is available up to $1M per occurrence / $2M aggregate. Vacant land liability and independent contractor liability options are also available (contractor limits typically include $50,000 and $100,000 options). Specific limits depend on underwriting and carrier.
What information does underwriting typically require on submissions?
Underwriters will want property condition and vacancy status, location and construction details, estimated replacement cost, prior loss history, and any mitigation measures. Complete submissions help speed placement and identify the appropriate carrier market.
Need help placing an account? Connect with a market specialist.