AboutJay K. Williams, AAI, AIP, CIC, CRM Expertise I can answer questions relating to the following coverages: personal auto; homeowners; commercial auto; commercial liability; commercial property; business income and all other property and casualty coverages.
Experience I have been in the insurance industry in Florida since 1979. I am currently the president of a Florida domestic insurance company subsidiary. I've taught continuing education classes in Florida and across the country. I am quite familiar with all coverages including Florida Condominium master policies and unit owner policies. I also specialize in agent professional liability. I have been a professional educator since 2001.
Organizations I am a member of the Florida Associaion of Insurance Agents, the state affiliate of the Independent Insurance Agents and Brokers of America.
Education/Credentials I currently carry the following professional designations:
Accredited Advisor in Insurance (AAI)
Associate in Insurance Production (AIP)
Certified Insurance Counselor (CIC)
Certified Risk Manager (CRM)
I have a situation that is worrisome to me. In early 2008, my wife and I both lost our jobs within a month of each other.
Needless to say we got very far behind with our mortgage and were facing foreclosure. The foreclosure sale date on the house was estimated to be in March. We let our homeowners policy lapse in Jan.because we thought we would have to move out. In Feb, the mortgage company put our foreclosure on hold. Since then we received info on the "HopeNow program instituted by Obama and our mortgage company is working with us to stay in the house. Since then, my wife has found a good steady job and I have not. Money is very tight especially now that we are making temporary payments again to the mortgage company.Right now, there is no insurance on this house. My mortgage company doesn't know that I don't have insurance and are requesting proof of insurance now in the requalification process. What is my best course of action to obtain insurance knowing these circumstances.
Sincerely,
TBone
Answer TBone,
I'm sorry to hear about your situation, but I'm glad to know that at least you have not lost your home.
There really is no easy answer to your question, unfortunately. You need to go to an insurance agent and purchase coverage. You will not be able to close on the loan if you don't have the coverage. I'm really surprised that your mortgage company never realized that your coverage had lapsed.
I would imagine that once you close, they will escrow the insurance premiums going forward. Most mortgage companies handle it that way so they can be sure the coverage doesn't lapse.
Sorry I don't have an easier answer for you. Please let me know if you have more questions.
