OREO insurance provides benefits for banks by protecting vacant and unoccupied homes owned by the bank. It covers damages from disasters like fires, storms and earthquakes. It also covers routine maintenance issues like plumbing repairs. This allows banks to quickly repair homes before selling them, streamlining the sales process. OREO insurance ultimately protects the bank's assets and reduces costs associated with vacant properties.

1. OREO Insurance
Benefits from a
Banker’s Point of
View

2. Properties in any given area fall under specific headings, including being
occupied, in escrow or vacant. These vacant homes are the most high-risk
properties for bankers because there is no clear owner to maintain and protect
the structure. For these properties, bankers rely on OREO insurance. There are
several benefits of unoccupied home insurance that stem from a banker's
perspective.
For more information about REO insurance, contact us at
(877) 752-2742 or visit our website at http://www.apiaprotects.com/

3. OREO Insurance and Asset Protection
The main reason for unoccupied home insurance is asset protection. A home
that stands alone for weeks or months is vulnerable to possible damages. An
electrical short might start a fire in the home, for example. Because no one is in
the home, the fire goes unnoticed until it's raging strong. If a fire or other
disaster breaks out, the bank has insurance protection to cover the losses. As
bankers agree to the policy, however, they need to verify that all major disasters
are covered. Generally, the insurance should cover wind, storm, fire and
earthquake damages.
For more information about REO insurance, contact us at
(877) 752-2742 or visit our website at http://www.apiaprotects.com/

4. Routine Items Covered
One area that's often overlooked within OREO policies is coverage for basic
structural items. If the plumbing pipes freeze and burst, the insurance should
cover the repairs. A faulty electrical box that surged when no one lived in the
home is also covered. Additionally, banks also benefit from property taxes being
covered. All of these expenses add up over time to cost the bank several
thousand dollars. With proper insurance, the asset doesn't cost as much to
maintain until a buyer can be found.
For more information about REO insurance, contact us at
(877) 752-2742 or visit our website at http://www.apiaprotects.com/

5. Streamlined Home Sales
Once a buyer is found, the bank wants to process the sale as quickly as possible.
If the property has been damaged during the vacancy, such as from vandalism,
this fact often slows down the sale. Repairs must be made and paid out by the
bank. When OREO policies are in effect, however, any vandalism is quickly
repaired well before a buyer is ready to purchase the home. As a result, the sale
can be completed very quickly.
For more information about REO, contact us at
(877) 752-2742 or visit our website at http://www.apiaprotects.com/

6. Banks normally shop around for their OREO insurance coverage because policies
will vary in cost between several providers. Once the right insurance company is
found, bankers can send all of their business to that entity. In some cases, the
unoccupied home insurance might be low cost because of multiple policies held
by the bank at any one time. The benefits almost always outweigh the drawbacks
when it comes to OREO insurance.
For more information about REO insurance, contact us at
(877) 752-2742 or visit our website at http://www.apiaprotects.com/