Historically BANKS and INSURANCE have been separated by prudent REGULATION. Only the last couple of decades have BANKS been able to own, operate, manage, manipulate insurance agencies, companies, etc. Due to the obvious conflicts of interest, BANKS and INSURANCE should be SEPARATED once again. The consumer is best served AND PROTECTED by “INDEPENDENT” trusted advisors and professionals WITH NO CORPORATE MANDATE or DIRECTIVE for PROFIT AT ALL COSTS. Allow PROPER and PROFESSIONAL SERVICE to be the only determiner of success. Of this, I am… OmniSure!
If people would simply comply with the basic requirement to purchase and maintain proof of homeowner’s insurance this wouldn’t be an issue. The fact that a subset of people fail to either maintain or provide proof of insurance to their mortgage lender is the borrower’s fault, not the lender. The cost is on par with a standard risk, and for a policy that isn’t underwriten, is fair. America seems compelled to focus their efforts and want to protect people to fail to comply with the requirements everyone else does such as: 1) make your mortgage pymt on time, 2) buy H.O. insurance and provide proof to lender when requested, 3) have a driver’s license, 4) maintain auto insurance and provide proof to lender, 5) pay your taxes, 6) obey the laws, 7) respect and be kind to others. It’s really quite simple.
It’s about time they started policing this. It’s been out of control for years.
Every state should be taking notice and starting their own investigations. Forced place insurance is a rip off of the homeowner.
Historically BANKS and INSURANCE have been separated by prudent REGULATION. Only the last couple of decades have BANKS been able to own, operate, manage, manipulate insurance agencies, companies, etc. Due to the obvious conflicts of interest, BANKS and INSURANCE should be SEPARATED once again. The consumer is best served AND PROTECTED by “INDEPENDENT” trusted advisors and professionals WITH NO CORPORATE MANDATE or DIRECTIVE for PROFIT AT ALL COSTS. Allow PROPER and PROFESSIONAL SERVICE to be the only determiner of success. Of this, I am… OmniSure!
QBE got dragged in because they bought Balboa. Bad luck there. But QBE will get it right, they always do.
If people would simply comply with the basic requirement to purchase and maintain proof of homeowner’s insurance this wouldn’t be an issue. The fact that a subset of people fail to either maintain or provide proof of insurance to their mortgage lender is the borrower’s fault, not the lender. The cost is on par with a standard risk, and for a policy that isn’t underwriten, is fair. America seems compelled to focus their efforts and want to protect people to fail to comply with the requirements everyone else does such as: 1) make your mortgage pymt on time, 2) buy H.O. insurance and provide proof to lender when requested, 3) have a driver’s license, 4) maintain auto insurance and provide proof to lender, 5) pay your taxes, 6) obey the laws, 7) respect and be kind to others. It’s really quite simple.
Check out the Fl. SOS database and you’ll see that several key Assurant Execs. who live in the USA are also principals of foreign insurance companies.