The Facts about Insurance for Tax Loans
Tax Lenders are governed by the Texas Finance Code which authorizes the Lender to implement a "Collateral Protection Insurance" program. If implemented correctly, this program allows a Tax Lender to fully charge the homeowner for any insurance needed to cover the loan amount in addition to those fees associated with that insurance.
The two most important types of coverage for a tax loan portfolio are fire and wind coverage. There are many times where fires completely destroy a house and leave the Tax Lender with little to no collateral to cover a loan. Windstorm coverage is especially important when a large number of counties are in Tier 1 & Tier 2 counties which are much more likely to be hit with wind damage from hurricanes.
B&L Insurance has helped cover thousands of properties over the years and been able to help submit claims in recovering over five million dollars for Tax Lenders. In addition to helping implement a CPI program, B&L helps monitor the program and provides any necessary help in running the program efficiently.
Ever since its creation in 2008, B&L Insurance Agency has specialized in providing property insurance to clients of the Property Tax Lending industry. B&L was created by Jerry Crittenden who started the agency to provide better customer service to clients who did not already have coverage required by a loan they took out to pay their property taxes. Over the years, Jerry has helped bind insurance on thousands of properties and helped those customers protect their homes. In 2018, Jerry changed the focus of B&L Insurance from individual clients to Collateral Protection for the lenders.
Jerry Crittenden started in the Property Tax Lending industry in 2002 and spent over 15 years in the industry. B&L Insurance Agency was named the after Jerry’s two children, Ben & Lizzie.
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