HOMEOWNERS INSURANCE – The number of homeowners insured by state-run Citizens Property Insurance Corp. is expected to grow despite efforts to turn over policies to the private market. And though its surpluses are expected to increase, Citizens could see a loss six times as great as its surpluses if a major storm hits the state, Citizens Chief Financial Officer Sharon Binnun said Tuesday. You should shop for your homeowners insurance, if you own a residence in the Naples, Bonita Springs, or Estero areas, to insure you have the lowest possible annual insurance premium. Taking the time to compare policies could save you thousands of dollars on your insurance premiums.
MORTGAGES – As mortgage defaults rise, many lenders are adjusting their standards by raising minimum credit scores, offering smaller loans and requiring detailed proof of income and assets. But for borrowers who do meet the tightened criteria, the Fed’s plan to provide $200 billion to the financial services sector should mean more lending money available at lower interest rates, according to Standard & Poor’s Chief Economist David Wyss.
MORTGAGE FRAUD – A lie isn’t effective if you get caught, so more lenders now rely on technology to verify mortgage applications. Miami-based Verification Bureau, for example, can check reported income against income tax records thanks to a deal with the IRS. Up to 30 percent of loan application Social Security numbers fail to confirm.
PROPERTY MANAGEMENT – In some areas, renting can be almost as risky as owning. Plenty of homes and condos are available because their owners can’t sell them, but tenants can be kicked out despite having a lease if banks foreclose on the property owner.