Foreclosed Property Insurance

It is the rare bank indeed that does not have foreclosed property these days. Most banks have a great deal of foreclosed property on their books and insuring it properly and economically has become a real problem. What do the banking regulators want you to do with this property? Do you just add it to your bank’s property insurance policy? Is there a specific separate insurance policy to cover this area? How do you value this property and does your insurance policy cover this value? What sort of insurance coverage should you have on this property? These are some of the questions this newsletter will try to answer.

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