Several times a year, I receive a call from an individual or family member who’s very anxious. They’ve found their dream home in north Texas, put their earnest money down, and ordered the inspection. The inspection outlines an issue and they find out days or a week before closing from their insurance agent that this issue prevents them from getting home insurance.
A client called me last week with a question about how to handle something. Her teen had been in a little accident with an adult, and it was the adult’s fault. The good news is the teen was unhurt and the damage to her car was minimal; the bumpers simply rubbed together. According to the body shop the client visited, they could either remove, sand, and repaint the bumper or replace it. The difference in cost was minimal.
Over the past few weeks, I’ve had the pleasure of working with two retired people in the Dallas / Fort Worth area. What they have in common is quite admirable, they own their homes outright. One paid off the mortgage while the other person paid cash for their current home. That, however, is where the similarities end. The person that paid off their mortgage dropped their home insurance when the mortgage was paid in full, while the person that paid cash for their home continues to maintain a home insurance policy.
Several months ago, a friend of mine called. Tom, not his real name, and his buddy had traveled to San Antonio for a guy’s trip a couple of weekends earlier. Tom drove through a construction zone where there was a lane shift followed by a traffic light. Based on the location of the light, he mistakenly thought he was supposed to stop about 40 yards away. He ended up passing through the intersection and was struck by a car that had a green light. It was his fault.
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