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  1. #27176
    Join Date
    Oct 2007
    Location
    Denial
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    2,619
    Quote Originally Posted by schuss View Post
    those in the industry say pick a good insurer.
    Who's a good insurer? Getting close to shopping around all my policies, currently with Auto Owners.

    Good conversation here

  2. #27177
    Join Date
    Sep 2006
    Posts
    8,519
    Quote Originally Posted by Conundrum View Post
    What about people who choose to live not on a fault line or beachfront?
    They can have the tornadoes and floods.
    "We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch

  3. #27178
    Join Date
    Nov 2003
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    none
    Posts
    8,521
    Quote Originally Posted by Yukonrider View Post
    Who's a good insurer? Getting close to shopping around all my policies, currently with Auto Owners.
    Both my son and his FIL are independent adjusters.

    They both like Chubb.
    Expensive and mostly cover high end homes.

  4. #27179
    Join Date
    Dec 2003
    Location
    Nhampshire
    Posts
    7,843
    Not Geico or general imo. Conundrum probably has a better read on it. Chubb are solid.

  5. #27180
    Join Date
    Dec 2010
    Location
    Last Best City in the Last Best Place
    Posts
    7,738
    I've heard good things about Chubb but last I checked I don't think they were doing business in Montana.

    Should I be worried State Farm is losing 20 cents on the dollar or does that just mean they actually pay claims?

  6. #27181
    Join Date
    Dec 2003
    Location
    Nhampshire
    Posts
    7,843
    State farm is massive and has massive capital reserves. They have to figure shit out, but it's a few years at a minimum before they really need to worry.

  7. #27182
    Join Date
    May 2012
    Location
    PNW
    Posts
    793
    FWIW I was told by an Attorney who specializes in insurance claims that Pemco is the best for covering claims. I tried to switch from State Farm a few years ago but the local Pemco agent was a dud so I’m still with State Farm for personal coverage. Need to look into it again.

    I had Chubb for my small business and they reluctantly covered a big loss but did cover it after we were sued. No longer with Chubb for business coverage.

  8. #27183
    Join Date
    Oct 2005
    Location
    Idaho
    Posts
    11,153
    Insurance is going to be location dependent and I’m not super up to speed on personal home markets. But, some I think would be decent-Chubb, Cincinnati, Central, and Selective. If you’re in a fire zone and higher cost home, look at Pure. Safeco was a go to but have heard that not as good as it used to be. Nationwide is tanking. Personally, I have Auto Owners and they’re fine but I moved to them when Cincinnati crept their premiums way up over the years. I’d prefer to be with Cincinnati at time of claim-they’re one of the best at paying. These are all thoughts on who I’d want at time of claim.

    Not ever experienced a claim with the direct and captive agent companies so don’t know how they’d go. Farmers, State Farm, Geico, AmFam, etc.

  9. #27184
    Join Date
    Jan 2017
    Location
    on the banks of Fish Creek
    Posts
    8,341
    State Farm has been quick and fair on their payouts to me for my multiple car wrecks over the years and a brandy new roof when that 75’ pine tree decided it was to tired to stand anymore and took a nap on my house.

  10. #27185
    Join Date
    Oct 2003
    Location
    9,300ft
    Posts
    22,347
    Freddie and FHFA to enter secondary mortgage HEL market...
    https://www.ft.com/content/1d287e0c-...1-9da157b50101
    Quote Originally Posted by blurred
    skiing is hiking all day so that you can ski on shitty gear for 5 minutes.

  11. #27186
    Join Date
    Nov 2002
    Posts
    9,233
    ^^^wanna CnP that for us cheapskates?

  12. #27187
    Join Date
    Dec 2016
    Location
    In a van... down by the river
    Posts
    14,703
    Quote Originally Posted by Foggy_Goggles View Post
    ^^^wanna CnP that for us cheapskates?
    https://archive.ph/

    You're welcome.

  13. #27188
    Join Date
    Oct 2003
    Location
    9,300ft
    Posts
    22,347
    Quote Originally Posted by Foggy_Goggles View Post
    ^^^wanna CnP that for us cheapskates?
    Oh dang, I just got it off of a google search and it opened. I sure as shit ain't paying for FT

    Here:

    3 May 2024
    https://www.ft.com/content/1d287e0c-...1-9da157b50101

    The writer is chief executive of Meredith Whitney Advisory Group

    What if I told you there could be an unprecedented stimulus injection into the US economy that will cost the government nothing and add not $1 to the national deficit? As early as this summer, a proposed move could begin to unleash almost $1tn into consumers’ wallets. By the autumn, it could be on its way to $2tn.

    Last month, the government-sponsored mortgage finance agency Freddie Mac filed a proposal with its regulator, the Federal Housing Finance Agency, to enter into the secondary mortgage market, otherwise known as home equity loans. This was a smart move by Freddie, and the FHFA will do a lot of good by approving it. Despite the more than $32tn in equity on homeowner balance sheets, very little of it has been tapped through home equity loans.

    In 2007, just before the financial crisis, there was more than $700bn in home equity loans outstanding. Today, there is roughly $350bn. Home prices have risen more than 70 per cent since then, so why have home equity loans halved?

    After the financial crisis, banks have actively taken down their mortgage exposure. Bank of America, for example, has cut its home equity loan portfolio from more than $150bn in 2009 to $25bn. And in 2022, more than 50 per cent of home loans originated from non-traditional operators. These non-bank companies don’t have the balance sheets to hold loans as the banks had traditionally done, so unless they can sell the loans they originate to Freddie, its fellow housing agencies Fannie Mae and Ginnie Mae, or private investors, they don’t originate them.

    There is a robust and well-oiled mortgage-backed securities machine for first mortgages in which Fannie, Freddie or Ginnie buys mortgages, pools them and sells them as mortgage-backed securities to private investors on the open market, facilitated by Wall Street firms. This process dramatically increases liquidity in the market. None of this liquidity exists in the second mortgage market.

    The Freddie Mac proposal could change all that, and it could not come at a better time. Most people in the US are feeling the sting of persistent inflation, but older Americans living on a fixed income have been hit particularly hard. Insurance costs for homeowners have risen well over 11 per cent over three years while they are paying more tax. US property tax revenues have risen 26 per cent over the past three years.

    That is probably why seniors have taken on more debt than any other age group over the past few years. Today, they hold 23 per cent of all consumer debt, double their share in 1999. These trends should seem counterintuitive, as typically younger individuals and older individuals would be at either side of the bell curve of total consumer debt outstanding with less debt.

    Prior to the financial crisis, this was how the balance of consumer debt was distributed. Now, almost half of all seniors are at risk of a financial shock with less than six weeks of liquid savings. This means that if they face an unexpected medical expense, a sudden home repair or a rapid increase in property taxes and insurance, they have no safety net. This vulnerability makes older adults a highly receptive audience to home equity products, provided they are reasonably priced and relatively easy to access.

    The proposed Freddie Mac second mortgage/home equity proposal, if implemented effectively, could be a lifeline for these households, offering them financial flexibility. It sets up guidelines to protect both the borrower and Freddie Mac that are likely to be the template for future moves by Fannie Mae and Ginnie Mae. Freddie will only buy the second mortgages of borrowers that it already has a first mortgage with, and the combined loan-to-value of both the first and the second mortgage cannot exceed 80 per cent of the value of the property. The current loan-to-value of Freddie’s mortgage portfolio is 52 per cent. Thus, we estimate Freddie could unlock $980bn in equity for homeowners.

    If Fannie Mae and Ginnie Mac follow Freddie Mac’s lead into buying second mortgages, we estimate the secondary home equity loan market could exceed $3tn. By opening up the securitisation market for second mortgages, not only would more institutions be inclined to originate the loans, but the cost to borrowers would meaningfully decline with more finance providers. It would also provide big stimulus to an economy and consumer that appear to be slowing down without adding a dime to government debt. Rarely have I seen such a true win-win scenario for the government, Wall Street and the US consumer.
    Quote Originally Posted by blurred
    skiing is hiking all day so that you can ski on shitty gear for 5 minutes.

  14. #27189
    Join Date
    Apr 2006
    Posts
    9,189
    Just giving ppl more rope to hang themselves.

    You have no more money? Here, we created something else for you to borrow against. Go buy 2 more jet skis

  15. #27190
    Join Date
    Dec 2016
    Location
    In a van... down by the river
    Posts
    14,703
    Quote Originally Posted by byates1 View Post
    Just giving ppl more rope to hang themselves.

    You have no more money? Here, we created something else for you to borrow against. Go buy 2 more jet skis
    I think the idea is to help people get out from under 21% consumer debt down to something more reasonable.

    But there will be jet ski buyers for sure...


  16. #27191
    Join Date
    Sep 2005
    Location
    Not in the PRB
    Posts
    33,820
    jet skis are fun AF
    "fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
    "She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
    "everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy

  17. #27192
    Join Date
    Jan 2010
    Location
    your vacation
    Posts
    4,879
    what could possibly go wrong?

    so the gov't wants to back up shady lenders before they implode this fall? is that what I'm reading
    there must be a reason big banks aren't interested in equity lines of credit.............

  18. #27193
    Join Date
    Mar 2005
    Location
    Yonder
    Posts
    21,918
    That is so sad.

    What
    The
    Fuck

    Helocs for everybody!

    Name:  5591577ff8be420bb6bbf918f6029a60.jpg
Views: 477
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    Kill all the telemarkers
    But they’ll put us in jail if we kill all the telemarkers
    Telemarketers! Kill the telemarketers!
    Oh we can do that. We don’t even need a reason

  19. #27194
    Join Date
    Dec 2002
    Location
    cow hampshire
    Posts
    8,785
    Are the guys who make their living building bitching about this?

  20. #27195
    Join Date
    Jan 2010
    Location
    your vacation
    Posts
    4,879
    Quote Originally Posted by jackstraw View Post
    Are the guys who make their living building bitching about this?
    yes

    and yes I've seen a dip due to interest rates free money and less and less helocs
    but then I have customers with millions in cash ready to go

  21. #27196
    Join Date
    Mar 2006
    Posts
    19,959
    Ski buddy helps design and build high end Tahoe homes. He’s starting to get cancellations. Remodeling still strong but they are under 2y wait now.

  22. #27197
    Join Date
    Apr 2007
    Location
    Almost Mountains
    Posts
    2,017
    Apparently someone from the NYTimes read the insurance discussions above and did some further research.

    https://www.nytimes.com/interactive/...smid=url-share

  23. #27198
    Join Date
    Oct 2002
    Location
    my own little world
    Posts
    6,100
    Quote Originally Posted by fastfred View Post
    what could possibly go wrong?

    so the gov't wants to back up shady lenders before they implode this fall? is that what I'm reading
    there must be a reason big banks aren't interested in equity lines of credit.............
    Being in second lien position to Fannie or Freddie or anybody, really, is not a great place to be. If/when it goes tits up you either buy them out or write it off, there isn’t much in between. None of those guys care much about downstream lienholders and aren’t worried about your recovery, you’re almost like insurance. If you already have the first you’re just maintaining your LTV position and can manage that ongoing, though.

    Also, before 2008 second lien products were frequently written out to 90% or even 100% LTV and most lenders aren’t wandering back out into that deep end of the pool yet. And neither are Fannie and Freddie, it seems.

    I haven’t read details on this yet, but curious what the reporting and servicing agreements look like. HELOCs are a bit higher touch than a plain old closed end mortgage.
    focus.

  24. #27199
    Join Date
    Oct 2007
    Posts
    13,088
    Quote Originally Posted by anotherVTskibum View Post
    Apparently someone from the NYTimes read the insurance discussions above and did some further research.

    https://www.nytimes.com/interactive/...smid=url-share
    Good article about what's happening with insurance. Sounds like it is gonna get worse before it gets better. Our neighbors just got dropped by their insurance, Allstate, because they are moving out of Colorado altogether. We are with State Farm, so we will see how long they last. Not looking good for anyone these days.

  25. #27200
    Join Date
    Nov 2002
    Posts
    9,233
    I was talking the other day with a owner of a largish (for Grand County) HOA/property manager. He said increases in premiums for HOAs (condo complexes with actual common elements) range between 12% and 400%.

    He said the primary drivers are claims and deferred maintenance/reserves. I'm no apologist for the insurance industry, but the behavior of these BODs needs to take some responsibility.

    In Colorado, you basically need to have a licensed Community Association Manager who, in theory, has been educated on this stuff.

    CAM "Hey, your records indicate you haven't you haven't replaced your roof in 30yrs., you had three claims last year. We suggest you at least start budgeting for replacement in your Capital Replacement Plan"

    Board "Cool, can you please get us some bids for the next quarterly meeting"

    Contractor "That will be about $300k"

    Board "Fack, we don't have that money"

    CAM "No shit, that why we said you should raise dues, have a special assessment, borrow the money or do something...we should talk about it at the annual meeting"

    Homo's at the meeting "[Karens/outrage/fixed income/can't afford it/dumbasses]"

    CAM "Yeah, you people suck. We are gonna not renew your contract because our staff hate you because you ignore all professional advise. We'll just replace you with a newer complex with more wealthy owners who ain't afraid to maintain their complex"

    Steve and Stacey "I think we should sell, take our equity, maybe buy somewhere new that maybe doesn't suck as bad. I'm sure there is some Conners and Addisons that want to be the first in their friend group to #we've got a place in Fraser"

    Realtor "yeah, nobody looks at the HOA finances. The home inspection actually precludes that stuff. I don't bring it up. I've got all kinds of clients that can only afford the older, shitbox condos. I'll make it happen"

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