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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Insurance binder Posted by Roland J on April 28, 2002 at 3:03 PM Ward; On the heels of State Farm announcing they were getting out of the homeowners insurance business, the L.A. Times just came out with a story about surviving insurance companies that issue homeowners insurance policies are now requiring AAA+ credit rating for homeowners policies. I called a few to inquire and they said it was true because recent losses in So. Cal have outstripped their reserves. Not only is AAA+ credit required, if you buy a house at a foreclosure auction or a Tax sale, the only kind of policy you can get is fire, and you must be residing in the property. Vacant properties cannot get a binder of any kind. Any suggestions as to what insurance companies understand the foreclosure/tax sale game and will issue immediate binders? So far I've had nothing but negative responses. Roland J Follow Ups: Insurance binder details Ward-CA- 4:00 PM, 04/28/02 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Ward; : On the heels of State Farm announcing they were getting out of the homeowners insurance business, the L.A. Times just came out with a story about surviving insurance companies that issue homeowners insurance policies are now requiring AAA+ credit rating for homeowners policies. I called a few to inquire and they said it was true because recent losses in So. Cal have outstripped their reserves. Not only is AAA+ credit required, if you buy a house at a foreclosure auction or a Tax sale, the only kind of policy you can get is fire, and you must be residing in the property. Vacant properties cannot get a binder of any kind. : Any suggestions as to what insurance companies understand the foreclosure/tax sale game and will issue immediate binders? So far I've had nothing but negative responses. : : Roland J Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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