Buying a foreclosed home is not without risk. You could end up getting an amazing deal on a fabulous home or you could end up buying a money pit. One of the other risks associated with buying a foreclosed home is home insurance. Most people don’t realize, but not every home insurance company will write a policy on a home that’s been foreclosed on. Let’s look at why some companies won’t, some might, and for those where it’s not an issue.
In 2016 the number of people accessing the internet using a mobile device such as a smart phone or tablet surpassed those using a PC or laptop. That number will continue to climb since millennials tend to rely on their mobile devices for connection, shopping, information, and service needs. This raises the question as to how well insurance companies will respond by providing a meaningful app experience for millennials and clients in other age groups.
Every insurance company has a set of underwriting questions I answer when writing or quoting a home insurance policy. Some of these will preclude a company from writing a home insurance policy such as the presence of certain dog breeds, foundation or roof types, etc. Others use the answers to these questions to confirm how the policy should be structured.
Last week I introduced how technology has changed and continues to change our lives. Technology advances are easier to see with companies such as Amazon, Uber, and Netflix, they are also leading to change in the insurance arena. Most of the technology changes in insurance have been in the “back office,” the area most consumers don’t see. As an independent insurance advisor, these changes make it easier for me to quote prospective clients policies, service existing clients’ policies, and even manage my business.
Dallas Cowboys and Houston Texans fans are licking their wounds today as both teams were knocked out of contention in the past weekend’s games. It will be interesting to see whether who will play in the Super Bowl. Will it be the Green Bay Packers, New England Patriots, Atlanta Falcons or Pittsburgh Steelers? But just what is the connection between the Super Bowl and home insurance?
Technology has impacted our lives dramatically over the past 35 years. During that time, we’ve seen the birth of the distributed computing, the PC and Mac, networks, the internet, and smart phones. The iPhone I carry with me has more storage and computing power than the mini-computers I sold in the 1980s which cost hundreds of thousands of dollars. We’re not done changing. Companies, such as Amazon, Uber, and Netflix have changed the way we live and shop.
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