Agent

Problem with increasing homeowner’s insurance deductible

Reader says it cannot exceed 1% of mortgage balance
Published on Oct 26, 2004

DEAR BOB: You had a recent item about increasing homeowner's insurance deductibles to $2,000 to avoid too many policy claims. However, I discovered that mortgage loan servicers restrict homeowner's insurance policy deductibles to a maximum 1 percent of the loan balance. That means a $2,000 insurance deductible would be allowed only if the mortgage balance is over $200,000. Just thought you should know – Martha McC. DEAR MARTHA: Thank you for that valuable information. I've always said I have the world's smartest readers and I greatly appreciate your contributions to this column. Purchase Bob Bruss reports online. HOW TO FIND A TOP QUALITY PROPERTY MANAGEMENT FIRM DEAR BOB: I own about 35 apartments in several free-and-clear buildings. Although my wife and I greatly enjoy the monthly income, we hate managing the tenants and our resident managers. We have tried two different so-called professional property management firms. To put it mildly, they were awful. We fired each one a...

Comments