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Proctor Manages Challenging Times.(services from Proctor Financial Insurance, U.S.)(Brief Article)
The events of Sept. 11 accelerated a troublesome trend for property owners last year. Insurance rates, already on the rise, are starting to skyrocket.
Homeowners have not been left out of the dilemma. Nationally, homeowner's insurance costs are rising by an estimated 20% to 50% this year.
At Proctor Financial Insurance, Troy, Mich., the troublesome insurance market may actually be good for business. Proctor helps lenders make sure their loan portfolio carries protection against hazards like flood and fire.
Karen Schickel, a senior vice president at Proctor, said that lenders are concerned about current trends in the insurance industry.
"The insurance business as a whole is in a hard market, meaning insurance rates are up and insurance availability is low," she explained. Especially for commercial properties, some owners are finding it difficult to obtain adequate coverage.
With mortgage foreclosures starting to edge upward, lenders are getting a little edgy about insurance coverage. They want to make sure the collateral is protected.
Tracking insurance has become more challenging because of loan sales, Ms. Schickel said. With loans changing hands frequently because of ...
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Source: HighBeam Research, Proctor Manages Challenging Times.(services from Proctor Financial...