Protect Collateralized Property with Credit Property Protection
- Credit Unions
- Auto Dealers
- Banks
- Finance Companies
- Mortgage Servicers
- Community
Offer borrowers optional protection for eligible personal property and vehicles securing their loans.
Give borrowers another way to protect their property by securing their loans while helping protect your financial institution’s interest in that collateral. Allied Solutions’ Credit Property Protection provides optional, $0-deductible coverage for eligible personal property and vehicles purchased with loan proceeds and pledged as collateral.
Coverage can help pay for covered loss or damage from events such as fire, theft and other specified perils. Depending on the property and coverage selected, the policy can protect the financial institution’s interest alone or both the financial institution’s and borrower’s interests.
Credit Property Protection applies across a wide range of eligible collateral, including appliances, furniture, electronics, musical instruments, lawn and garden equipment, and personal-use vehicles, giving financial institutions a flexible way to offer additional protection alongside eligible secured loans.
Who Needs Credit Property Protection?
Credit Property Protection may be a fit for financial institutions that make secured consumer loans and want to offer borrowers an optional way to protect eligible collateral.
Consider the solution if your institution:
- Finances personal property such as appliances, furniture, electronics, equipment or other household goods.
- Makes loans secured by eligible personal-use vehicles.
- Wants optional coverage that can protect the financial institution’s interest or both the financial institution’s and borrower’s interests, depending on the collateral.
- Wants to offer $0-deductible protection against specified causes of loss or damage.
- Is looking to complement its lending program with an additional borrower protection option.
Why Allied for Credit Property Protection?
$0 Deductible
Provide coverage for eligible loss or damage without requiring the borrower to satisfy a deductible.
Flexible Coverage Options
Choose coverage based on the collateral and interests you need to protect. Single-interest coverage can protect the financial institution’s interest, while dual-interest coverage is available for personal property to protect both the institution and borrower.
Broad Collateral Eligibility
Extend protection across a range of eligible collateral, including household goods, appliances, electronics, equipment, and personal-use vehicles.
Coverage for Multiple Causes of Loss
Help protect eligible collateral against specified risks such as fire and theft, with additional covered perils depending on the property type and policy terms.
Experience Supporting Regulated Financial Institutions
Work with a compliance-minded partner that understands the needs and requirements of financial institutions operating in a regulated environment.
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Learn MoreFrequently Asked Questions
Credit Property Protection is optional insurance that covers certain perils affecting personal property purchased with loan proceeds and used as collateral. Covered property may include furniture, appliances, household goods, and other personal property. Coverage can also apply to private passenger vehicles used as collateral, subject to applicable restrictions and coverage terms.
Credit Property Protection provides coverage when insured collateral is damaged or stolen because of a covered peril. Depending on the coverage selected, single-interest coverage protects the creditor’s interest, while dual-interest coverage protects both the creditors and debtor’s interests. The coverage has no deductible, and liability is subject to the applicable limit shown in the policy or certificate.
Credit Property Protection can cover a range of personal property serving as collateral, including home appliances, furniture, sports equipment, garden and lawn equipment, photographic equipment, electronic entertainment equipment, musical instruments, and home workshop tools. Coverage may also apply to private passenger vehicles used as collateral, subject to applicable restrictions.
Covered perils vary by the type of collateral. For personal property, covered perils may include fire or lightning, windstorm or hail, explosion, riot or civil disturbance, smoke, flood, certain appliance damage, and robbery or burglary with evidence of forced entry. Vehicle coverage may include fire, total theft, collision, or overturning.
No. Credit Property Protection is optional insurance and is never required as a condition of making a loan. Financial institutions can offer single-interest coverage that protects the creditor’s interest or dual-interest coverage that protects both the creditors and debtor’s interests in insured personal property. Coverage terms, exclusions, licensing requirements, and availability vary by state.