BestWeek: As U.S. Foreclosures Spike, So Do Sales of Vacant Property Insurance

The skyrocketing rate of U.S. foreclosures has provided endless headaches for lenders, but the failures are actually creating opportunities for insurance wholesalers, according to a story in BestWeek U.S./Canada. David J. Price, executive vice president and chief underwriting officer for Burns and Wilcox, said vacant home insurance has been a big product for the company. Burns and Wilcox wrote about 10,000 vacant property policies last year. Already this year, the company has written about 7,000 policies, said Price. At the same time, RealtyTrac, an online marketplace for foreclosure properties, reported 220,000 homes taken by bank repossessions in the second quarter this year—nearly triple last year’s second quarter amount. Also in BestWeek U.S./Canada: Some states are further ahead of the curve than others on reviews of... [read full story]