OK I am taking a break from the Hobby BUT a very erotic Escort and fab financial information I have for you Hobbyists have prompted me to help you out.  No need to thank me it's what I do.  Think of me as a servant-leader.

So um NOW OK.

Long story short---- Was talking to a prospect today at an insurance company.  He mentioned "we have millions in escrow accounts that are by law IN escrow accounts".  Fast forward because this is boring but very profitable.  I call around today for new quotes on my house.  Bingo I get a cheaper quote.  New insurance company says "the escrow account from your old insurance company should arrive in about 3 weeks".  This amount is near $1k.  

So, this is how RT helps this community.  Call around for new insurance (rates are at all time lows because of the market).  Get a better deal on your homeowners insurance, get your escrow check and then go hobby!!!!

Disclaimer:  This may or may not make your future escrow a little short but your mortgage company will allow you to make it up in your mortgage pmt.  Per $100K of house value about $20 (depends on taxes, rate, etc.)

Now if you think this is stupid then you R ** dumber than a dummy **

You get to save on your insurance and get to hobby.  

Also here is a little inside tip.  The guy from the insurance company said most homeowners were ill informed.  He wondered why people didn't shop their rates yearly because the market changes constantly.  Sat there and laughed and this is a direct quote "that people worry more about paying 20 cents more for milk than they do for home insurance"

____________________________-----------------------------------

**RT Says**  All of you Providers can thank me later.  Or now.  Oh how I adore you:

Yep. Saved $500 on homeowners and got $80/month less on car insurance. Now, what to do with the savings? Hmmm. I just have NO idea...

that ended up paying 2x the price for insurance because you agreed to an escrow.  

Do you realize that during closing you are presented with a choice.  Provide your bank with proof of insurance or have them pay for it out of your escrow?  Then, every year the mortgage company requires proof of new coverage or renewal.  So you HAVE to shop around every year.

Majority of insurance placed by banks on your behalf is placed with the companies they OWN and the premium is at the very least 2x the going rate.

Duuuuuuuuuuh!

That last sentence says it all.  I never said anything about banks placing insurance on my behalf.  That is called forced-placement and only happens in certain situations.  
 
See you skimmed the article (from google) and didn't understand it properly - So let me educate you as hard as it may be  
 
Now, certain states may have different laws regarding escrow.  Here in OH.  The insurance escrow is collected in advance.  I don't pretend to know all the state laws.  Nor do I care to.  The laws are not uniform due to each state having its own insurance regulations.  

Now, I apologize but I just assumed that this was easily understood by the reader.  But there I go again assuming intelligence when I should just assume ignorance.  
 
But I do know finance.  I have worked in this industry since 1996.  It's no big deal to me.  You see.  Some people are mechanics some are dentists, some are finance people and..................  
 
some people are like you.  Instead of getting a REAL education they Google everything.  A bit of advice.  In order to properly understand the articles you must first have a basic level of reading comprehension.

But I have said enough.  
 


-- Modified on 9/10/2013 6:34:20 PM

if you should ever get so lucky.

Think about this.

The smartest statement a person can make is "I don't know".

Now, you make that statement to yourself BEFORE you go to the interview.

That allows you to then go gain knowledge to make yourself intelligent.

Coming on this board PRETENDING to know the details of institutional insurance - I was not sitting down with some insurance agent, honey.  I was meeting with the Treasurer of an insurance company trying to get him to come aboard as a client - just makes you look silly.

Ask yourself this if you know so damn much about insurance/finance - WHY AREN'T YOU IN THE INDUSTRY?

Oh wait that's right you're a hooker

-- Modified on 9/10/2013 7:24:46 PM

I did describe the situation of forced placement and it happens in one situation only - when you as a buyer/owner fail to obtain/maintain  valid policy on your house.  


So, could you elaborate on "Here in OH.  The insurance escrow is collected in advance. " ?

Once it is collected in advance as you say, who buys the actual insurance policy?  You?  Bank?  Who makes the choice which company, how much coverage, what % of deductibles etc? If it;s YOUR choice, then why did you end up with  extra 1,000 in your escrow allocated to insurance?  

The way your OP reads, it is very possible that you ended up with obscenely expensive coverage placed on your behalf by your bank.  In this case once you purchase your own coverage you would get $1,000 - pro rata premium for unused portion of the policy term.  

Like I said, when you close on a house you are presented with a choice.  At least in State of NY.  We tend to have that freedom here unlike Ohioland

All you need to present is proof that you purchased adequate coverage. Step 1 - go to insurance broker.  Step 2 - have the broker issue you a binder.  Step 3 - have the binder faxed to your loan officer.  Done!

 

And since you are talking about INSTITUTIONAL insurance, could it be that your potential customer was talking about LOSS RESERVES?  Which are by law are required. That's how insurers make money.  They knowingly accept underwriting losses which they hope to offset by investment profit.  

Escrow - an account that you have with your lender that should have enough money to cover taxed and and / OR insurance premium.

Loss Reserves - portion of premium that insurer has to keep in liquid or "safe" investments to cover potential losses.

Anything else you would like to know?  We could discuss differences between domestic, foreign and alien insurers in our next installment of insurance for bankers 101.

I have to go to bed and get up at 6 in the morning to go to work.

Ya know that old motto.  

***  Work harder someone on welfare is depending on you.  Which is you. ***

Again thank God for Google and Wikipedia.

Maybe you can Google this....

"How do I get a life, stop arguing with an Investment Banker and go get a REAL job?"

RT Says - Goodnigh

Do some more research on Google about regional mutual insurance companies.

Mutuals are owned by the clients and not stockholders.  Therefore, the mutuals can price the product differently than stock owned companies.  

Not all insurance companies take a loss on the underwriting.  Some actually make a profit on the product.  See Google can't tell you that unless you do a LOT of research.

The definition of insurance is "transfer of risk".  When you do it without shareholders you actually don't need to operate as investment company pretending to sell insurance which most overpriced insurance companies do.

But hey, you probably think that little gecko actually talks.

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As for underwriting vs investment vs combined ratios .. insurance industry as a whole has not seen UP in years

But what do I know? I am just a hooker on welfare with comprehension issues and no life.

Sorry dude, but when you talk out of your ass about things you have no idea I am going to call you out on them.

END OF MESSAGE

...and upped my VIP...I'm just gonna hang out in these boards and get all my financial advise..it's much more cost effective.....

Not only is the premium for this coverage a multiple of market rates, but this force-placed insurance (that provided by the bank involuntarily if the borrower lets his lapse or fails to renew) typically only covers the interest of the borrower in the property and the borrower's equity (if any) and his personal property and premises liability are not covered at all, an additional cruel joke on the borrower.

because to any objective onlooker with the slightest knowledge of finance, she took you to school biatch. lmao

I also bet that she can sleep in past six in the morning if she wants to while still making more money than you. Man it must suck that a "hooker" not only makes more money than you, but is smarter to boot. Ouch, it's no wonder you are giving up on this hobby.

And could he be anymore condescending and outright rude? Out of all the guys on here who project the attitude of looking down on hookers as dumb bimbos with no other options (some don't but still earn decent money doing this), he pretty much takes the cake.  

I think I will add to my website no black condescending douche bags from Ohio who work as faux investment wankers, oh  sorry, I meant bankers.

My guess is he is the little bitch in his household. Here he thinks he has "power", even if it fleeting and easily demolished.

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