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September 06, 2007


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If I read this right, the insurance company isn't merely attempting to cut its losses -- it's actually fulfilling its contractual obligation. That's why the premiums are so high; they actually promise to send out firefighters (and nobody else does).

Is this a great country or what?

From the insurance company's point of view it is certainly cheaper to prevent than to pay out. But, I agree... $10k in annual premiums is a lot of money!

The original insurance companies in the United States did ONLY and exactly this: they provided firefighting services for their insureds. In cities, you could purchase fire protection, and you'd be given a special plate to put on the front of your house. In the event that your house was later found on fire, the insurer's fire truck(s) would come to its rescue.

There are still several insurance carriers whose names hearken back to this origin.

and I thought 10k/year in property taxes was bad!

The amount of Bank Owned properties on the Market in Metro Denver is crazy, and with more adjustable rate loans resetting soon there are sure to be even more of them. The positive side of REO property is that the banks usually price the homes well in order to sell them. On the other hand, the banks don't always get inspections done, so buyers have to go in blind and pay for their own inspections after they get into escrow.

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