by mega » Wed Jan 23, 2008 11:40 pm
I am an avid stock market fan and active trader. As such I am well aware of that much of the current crisis in the world markets are due to the recent disclosures of bad mortgage and real estate loans made by some of the largest player in the industry such as Countrywide Financial Corp., and E-Trade Financial. The current situation has much the same look and feel as the S&L Crisis and Fed Bailout of the mid 80's.
My question is how will this all affect the insurance industry and will many of the companies who issued homeowners policy on inflated prices be stuck as these homes continue going into foreclosure? So will the insurance industry be the next one hit on Wall Street?
My question is how will this all affect the insurance industry and will many of the companies who issued homeowners policy on inflated prices be stuck as these homes continue going into foreclosure? So will the insurance industry be the next one hit on Wall Street?
Posted: Fri Oct 03, 2008 01:20 am Post Subject:
I wouldn't necessarily NOT recommend some of the major players (well, except AIG..lol) - just make sure than when you compare, you compare apples to apples - same limits of liability, etc.
There are some smaller, local companies that I definite would NOT recommend. One I can think of bills on 28 day cycles which means you actually pay more than 12 payments per year. They also have created their own finance company so when you sign on the application, the finance company pays the insurance company the full premium. Then the customer actually pays the finance company the monthly premium (which the customer thinks is an insurance payment).
Posted: Fri Oct 03, 2008 01:35 am Post Subject:
Okay maybe I will stay with Ntionwide for the time being. How can that company get away with billing every 28 days and doesn't the customer catch on?
Posted: Fri Oct 03, 2008 01:44 am Post Subject:
Remember, it wasn't the insurance company who billed every 28 days; it was the finance company. And the paperwork the customer signed (which, of course, everyone read before signing) outlined 28 day payments.
Posted: Fri Oct 03, 2008 01:50 am Post Subject:
Oh okay I get it. Sorry..should have read a little better.
Posted: Fri Oct 03, 2008 02:06 am Post Subject:
No worries.
Posted: Sat Oct 04, 2008 12:54 am Post Subject:
See they passed the bailout. Still unsure od how I feel on that one.
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