COVERED RESEARCH
What our carrier and policy data shows about coverage gaps, carrier access, and the risk now sitting inside mortgage portfolios.
Drawn from Covered's footprint across our technology partners, spanning over 10 million servicing loans and POS relationships that touch nearly half of all US originations.
Published September 2026
PDF, 12 pages
Free, no form
A note from Covered's CTO
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We didn't set out to write a market report. We set out to answer a question our lender
partners kept asking in different ways: how much of the insurance risk on our books can
we actually see?
Most of the time, a policy gets verified at closing and then goes quiet for years. Replacement costs climb, carriers stop writing in markets they used to serve,
and nothing in a servicing system flags either one. By the time anyone notices, the
homeowner is underinsured.
What we have that most people don't is the quote-and-bind data underneath that problem. We see what carriers actually return, what borrowers actually pay, and how far policy limits have drifted from what it would cost to rebuild. This report puts numbers on it and says plainly what we think it means for the next few years.
Chief Technology Officer, Covered Insurance Solutions
Four sections, built on two proprietary datasets
Third-party research is used only to connect what we see in coverage data to what lenders see in loan performance.
Why homeowners insurance has outpaced every major cost category since 2018, and what
that did to the monthly mortgage payment.
How policy limits compare to replacement cost across our book, how far below the line
the gaps sit, and what it costs to close them.
What happens to a borrower's premium and their options when several carriers compete
versus one or two.
Why an underinsured or non-renewed policy shows up later as a servicing and delinquency
problem, and what lenders can do about it now.
Where the numbers come from
Proprietary Data
What it measures
Window
Dwelling limits against estimated replacement cost, by property and market.
2026
Carrier appetite and quote availability by market, including markets with no viable
admitted option.
January to August 2026.
Ge, Johnson & Tzur-Ilan, Federal Reserve Bank of Dallas, March 2026. Used for the
relationship between insurance cost and mortgage delinquency.
Cotality reconstruction cost research, May 2025.
NAIC, S&P Global RateWatch, Triple-I, and BLS Consumer Price Index for cost indices.
Financial Stability Oversight Council, 2024 Annual Report.
Full methodology, definitions, and per-figure citations are in the appendix of the PDF.
Covered's proprietary data reflects the borrower population of our lender partners and
should not be read as nationally representative.
Most lenders can tell you which policies lapsed. Very few can tell you which ones are intact, current, and covering two thirds of what the house would cost to rebuild.
Covered helps mortgage companies manage insurance health across a book of loans, so coverage gaps and
non-renewals surface while there's still time to act on them.
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“Quotes are presented solely for your convenience. Savings may vary. Rates are subject to change based upon the specific coverage you select and other factors that apply to your situation. CA License #0M81402, doing business as Cubbard Insurance Solutions in California.”