Overview of the Program From Southern Insurance Underwriters, Inc.
SIU’s Bank-Owned Home Insurance program is built for agents placing coverage for lenders, banks, real estate investors, and property managers who need protection for vacant, foreclosed, or tenant-occupied residential properties. The program supports both single-location accounts and large portfolios, and it is designed to simplify administration while meeting lender and investor requirements.
With flexible scheduling and multi-carrier access, SIU lets you consolidate vacant and occupied homes under one policy. That reduces administrative burden for clients who manage mixed-occupancy portfolios or scattered-site REO holdings across multiple states.
Ideal Accounts and Appetite
SIU is actively looking for:
- Bank-owned or foreclosed residential properties
- Vacant dwellings awaiting resale, renovation, or tenant placement
- Investment homes held by individual investors or corporate owners
- Mixed portfolios containing a combination of vacant and occupied locations
Example fits: You might have a community bank that recently acquired several foreclosed homes across two states and needs a single policy to track status changes monthly. Or you could be working with a real estate investor who holds dozens of rental and vacant homes and wants per-location limits and umbrella options.
Coverage Highlights and Advantages
Bank-Owned Home Insurance Coverage Highlights:
- Policies may be issued in the name of a DBA, bank, or company
- Monthly reporting structure for dynamic property updates and earned premium adjustments
- Monthly earned premium applies for vacant dwellings
- Ability to combine vacant and occupied properties on a single schedule
- Commercial package options available, including General Liability and Property coverage
- Per-location aggregate limits available for large portfolios
- Umbrella coverage options to increase overall liability protection
Flexible Scheduling Options
- Support for multi-state schedules
- Personal and commercial properties can be handled on the same schedule for easier account management
Limits
- General Liability limits up to $1,000,000 per occurrence / $2,000,000 aggregate
- No fixed maximum policy limit—contact underwriting for large or complex portfolios
Underwriting Notes and Minimum Premiums
Minimum premiums and specific underwriting terms vary by property type, occupancy status, and location. SIU’s underwriting team partners with agents to evaluate risk and structure policies that match a client’s portfolio. The monthly reporting model helps keep premiums aligned with actual exposure as properties move from vacant to occupied or vice versa.
Territories and Availability
This program is available in the following states:
- Alabama (AL)
- Florida (FL)
- Georgia (GA)
- South Carolina (SC)
Most markets are available on an admitted basis; contact SIU underwriting for state-specific admitted/non-admitted details.
Why Work With Southern Insurance Underwriters, Inc.?
SIU brings decades of regional experience and strong carrier relationships that help agents place complex bank-owned and investment property risks. Their underwriting team is responsive and experienced with multi-state schedules, monthly reporting, and mixed-occupancy portfolios—making it easier for you to scale coverage as your client’s inventory changes.
If you need help placing an account, connect with a market specialist through the quote link below to discuss appetite, minimums, and submission requirements.
Frequently Asked Questions
What types of accounts are a good fit for this program?
Ideal accounts include bank-owned homes, foreclosed properties, vacant dwellings, and real estate investment portfolios with mixed occupancy.
Can I combine vacant and occupied properties under one policy?
Yes. This program allows both vacant and occupied properties to be placed on a single policy and schedule for easier administration.
Is this program available in multiple states?
Yes. The program supports multi-state schedules and is currently available in AL, FL, GA, and SC.
What coverage limits are offered?
General Liability up to $1 million per occurrence / $2 million aggregate is available. There is no set maximum policy limit—contact underwriting for large portfolios.
Who can be named on the policy?
The policy can be issued in the name of a DBA, bank, or company, depending on your client’s ownership structure.
Need help placing an account? Connect with a market specialist.