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Do You Need REO Insurance?

Bookmark and Share "Real estate owned" can be a misleading term for people who are new to the deal. Isn't all real estate owned by somebody? The difference between owned real estate and real estate owned, or REO, is that the latter refers to real estate that is owned by the lender. This could mean real estate that's owned by a bank, a loan insurer, a private lender or a government agency. In other words, REO is usually invoked as a three letter word for "repossessed."

REO property is usually the result of a foreclosure, and will typically be the result of a home with a lower market value than the amount owed on the home. We saw a lot of these in the real estate crash in the 00's, with many homes becoming REO properties following an epidemic of bad loans. It's also common to see many REO properties hitting the market following a real estate bubble.

So, from the sound of it, it seems like REO is a bit of a burden to bear, right? If you own an REO property, then that means that your borrower isn't paying you back, and the home is worth less than you put down to cover it in the first place. REO insurance can, at the very least, help to ensure that the investment isn't a total loss.

Step 1: Determine the Equity on the Property

Once the property goes into a distressed status, such as the borrower missing mortgage payments, the lender will need to determine the equity on the home. You can do this with a BPO, or Broker's Price Opinion, or you can order an appraisal. From here, the borrower may request a short sale, or the foreclosure process will begin.

Step 2: Foreclosure Auction

If you can sell a home through a foreclosure option, then it never becomes an REO property, and will still be covered by homeowner's insurance.

Step 3: Comparing Quotes and Buying Coverage

From here on, buying foreclosure insurance is just like buying any sort of property insurance. You compare quotes from lender placed property insurance providers, select the package that best suits you, and you're set.
 

Keeping People, Property, and Your Reputation Safe With Football Team Insurance

Bookmark and Share You don't want to be the person who says "What's the worst that could happen? It's just little league!" Whether you're running a youth soccer team, an amateur baseball club or a professional rugby team, your athletes are taking the game very seriously, and when people are taking the game very seriously, they push themselves and one another to do their very best. In other words, you don't need to get drafted in the NFL to sustain an injury in the line of duty. Sports team insurance not only protects you from liability, it protects your players and the venue owners. In short: As soon as you're moving the game out of the backyard or the public park, then it's time to look into football team insurance.

Bodily injury and property damage are the main concerns in youth sports insurance, or any athletic insurance, really. Now and then, a ball is going to crash through a window, a quarterback is going to twist an ankle. We do everything we can to reduce injury and property damage in sports. We encourage stretching and warm up and safe play, but sports are physically demanding and unpredictable. That's a big part of the fun, and a big factor in liability.

The most likely injuries to take place will be to the athletes, and the most likely damages will be to surrounding property. However, there are a lot of "civilians" involved in the game indirectly, from spectators to volunteers and vendors. A tackle that flies right through the sideline and knocks a food vendor over, a football that catches a spectator on the nose, sports wouldn't be exciting if it weren't for the fact that "anything can happen," but they wouldn't require comprehensive liability coverage, either.

 cover all of your bases.
 

Car Hauler Insurance: Who Covers What?

Bookmark and Share So, here's the questions when it comes to car hauler insurance: Who's covered by what, and what's covered by whom?

Does the carrier's insurance cover the car being hauled or does the car owner's insurance cover it? If the car being hauled damages the carrier's vehicle, what then? What happens if the car being carried winds up getting stolen? Can the car's owner buy additional insurance through the hauler's policy? Here's what you need to know:

Hauled Cars Are At Greater Risk If There's No Professional Involved

Cars being hauled by RV's, for instance, tend to be, statistically, at a greater risk for being broken into and stolen. Why? Who knows. Maybe thieves think "Well these folks can drive their house, what do they need a car for?" In any event, the risk is lower when a professional is hauling a car. A professional is typically hauling several vehicles at a time, or at least pulling it with a tow truck, and thieves look at a tow truck and, perhaps, they assume that tow truck drivers are tough guys you don't want to tangle with. Insurance is important for professionals, but simply looking the part of a professional, in your appearance and your vehicle, goes a long way towards discouraging vandals and thieves.

The Hauler Covers Their Cargo

In terms of general liability and so on, while the car is in the hauler's care, it's their cargo, so it will be covered by their car carrier insurance. There are always exceptions, but generally speaking, if something happens to a car while it's hooked to your truck, you're the one who's going to be covering it.

Auto Hauler Insurance Rates Vary Based On A Number Of Factors

Here are the key factors in your auto hauling insurance rates:

  • Your industry. Is auto-hauling all you do, or is that just part of the job?
  • How often, and how many cars you haul.
  • The physical location of your business.
  • Types of cars you're hauling. New cars, for instance, might bring a greater degree of liability. Scrap metal junkers aren't going to wind up costing your insurer much.
  • The number of drivers you have working for you, and their level of experience and driving records.
 

A Crash Course on Snow Plow Insurance

Bookmark and Share Here's the dangerous thing about snow plowing: By nature of your job, you're on a slippery, frozen road that you can't even see. So it's hardly a stretch to say that, as important as auto insurance is in general, snow plowing liability is doubly important. If you run a team of drivers, then it's only a matter of time before someone chips some private or public property or does some damage to the plow. Here's what you need to consider when considering your snow plow insurance:

The Scale Of Your Company

When insuring your vehicles and drivers, you need to consider to what extent you can afford to pay for damages out of pocket. For some companies, it's not a big deal to manage their own repairs for all but the worst accidents. Others need a more comprehensive plan. Obviously you're not going to be driving without any coverage at all, but how much do you need based on what you can afford to cover yourself?

Not Every Accident Is A Collision

A lot can go wrong when your job involves dealing with harsh weather. A driver is as liable to suffer an injury while strapping the chains onto the tires as they are to slide into another truck while driving. The risks that you and your drivers take are not isolated exclusively to collisions, and your policy needs to reflect that.

Training

Training for a snow plow driver is a little more intensive than training for a pizza delivery guy. You're looking for safe drivers with clean records (this is very important when getting them covered under your commercial auto policy) who are fast learners, because, after all, Winter doesn't last forever. In most states, you don't need a special license to operate a snow plow, but you will need a permit in order to operate a commercial snow plow business. Luckily that's something that you can take care of on your end, you won't need your drivers to worry about it. You have to expect at least a minor accident now and then with such a tough job, but good, safe drivers can mean the difference between a minor accident and a major one, and they can help keep your insurance rates nice and low.