Ever since the Great Financial Fiasco that began in 2007-2008, home owners have become house renters. Investors became the new home owners after the previous owners were foreclosed. The new owners, meaning the investors and their agents, became landlords and the former homeowners are now renters. See Floyd Norris, "Off the Charts / More Americans are Preferring the Lease to the Mortgage" p. B3, col. 1 (New York Times Nat'l ed. Saturday, November 1, 2014).
The new set of renters are so numerous that as a group they should take a look at renter's insurance to protect their personal property -- and perhaps to protect their exposure to bodily injury and property damage claims,or even to obtain Additional Living Expense Coverage for "additional living expenses incurred when the home can't be occupied because of a fire or other covered peril." Randy Hutchinson, "If Renting, You May Want to Consider Having Insurance" (Jackson Sun (Tennessee) Online, posted Thursday evening, October 30, 2014)(also citing evidence that 95% of homeowners have homeowner's insurance, while only 37% of renters have renter's insurance).
Renter's insurance. Definitely something for former homeowners and all renters to consider.
Dennis Wall is working on a book on "Lender Force-Placed Insurance". The American Bar Association is scheduling it for publication in the Spring of 2015.
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