Florida insurance regulators abruptly ended a planned two-day hearing with Allstate executives Tuesday, angered that the company and its attorneys failed to fully comply with a subpoena demanding information on property coverage rates. While Allstate’s four Florida companies had asked for double-digit rate increases, the insurer told state regulators it planned to drop that request.
My personal experience with Allstate Insurance, was that they dropped me after 23 years of paying insurance premiums. The reason allegedly was due to the age of my home and the wind zone that it was located within. Of course, between us - it could have been my insurance claim which was filed and paid from hurricane damage as a result of Hurricane Wilma.
Or, could it be, Allstate is looking to insure only those homes with low risks? Lower the risk, raise the premiums and guess what - more bottom line profits!!
RENTALS - In some of the areas hit hardest by the sub-prime mortgage crisis, finding a rental apartment is easier and, in some cases, cheaper than it was before the credit crunch. Vacancies have risen in 29 markets in the fourth quarter of 2007, including Palm Beach and Orlando, according to Reis Inc., a New York real-estate research firm.
Renters should be aware when signing a rental lease with a property owner, if the property owner is foreclosed upon, they will have to vacate the property. A potential renter should check the county records to determine if a Lis Pendens has been filed by a lender on the property or if a final judgment has been recorded.
FLOOD INSURANCE - When Congress resumes this month, the National Flood Insurance Program’s renewal will be one of many issues before lawmakers. About 33 percent of all NFIP claims are related to homes in minimal-risk areas, and experts estimate during a 30-year mortgage, a home has a 26 percent chance of being damaged by a flood.
My recommendation for all purchasers of residences in the Naples real estate market is to purchase flood insurance regardless if the lender does not require the flood insurance or if the condominium they are purchasing is on the first floor of a condominium building. We are located in a sub-tropical environment and subject to tropical storm downpours periodically.
INCOME TAX TIP - Homeowners with a new mortgage that is covered by insurance can claim a tax break on the insurance this year. Called the qualified mortgage insurance deduction, it lets taxpayers with an adjusted gross income of less than $100,000 write off the full cost of mortgage insurance, while those who earn less than $109,000 can take a write-off for part of it.
Source : http://www.adeltarealty.net/
My personal experience with Allstate Insurance, was that they dropped me after 23 years of paying insurance premiums. The reason allegedly was due to the age of my home and the wind zone that it was located within. Of course, between us - it could have been my insurance claim which was filed and paid from hurricane damage as a result of Hurricane Wilma.
Or, could it be, Allstate is looking to insure only those homes with low risks? Lower the risk, raise the premiums and guess what - more bottom line profits!!
RENTALS - In some of the areas hit hardest by the sub-prime mortgage crisis, finding a rental apartment is easier and, in some cases, cheaper than it was before the credit crunch. Vacancies have risen in 29 markets in the fourth quarter of 2007, including Palm Beach and Orlando, according to Reis Inc., a New York real-estate research firm.
Renters should be aware when signing a rental lease with a property owner, if the property owner is foreclosed upon, they will have to vacate the property. A potential renter should check the county records to determine if a Lis Pendens has been filed by a lender on the property or if a final judgment has been recorded.
FLOOD INSURANCE - When Congress resumes this month, the National Flood Insurance Program’s renewal will be one of many issues before lawmakers. About 33 percent of all NFIP claims are related to homes in minimal-risk areas, and experts estimate during a 30-year mortgage, a home has a 26 percent chance of being damaged by a flood.
My recommendation for all purchasers of residences in the Naples real estate market is to purchase flood insurance regardless if the lender does not require the flood insurance or if the condominium they are purchasing is on the first floor of a condominium building. We are located in a sub-tropical environment and subject to tropical storm downpours periodically.
INCOME TAX TIP - Homeowners with a new mortgage that is covered by insurance can claim a tax break on the insurance this year. Called the qualified mortgage insurance deduction, it lets taxpayers with an adjusted gross income of less than $100,000 write off the full cost of mortgage insurance, while those who earn less than $109,000 can take a write-off for part of it.
Source : http://www.adeltarealty.net/
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