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Category Archives: Finance
10 Days Left to Get Help With Your New Mexico Mortgage
Time is running out to apply for financial help. If you or somebody you know is behind in their mortgage, you really need to act now. July 22 is the last day to apply my friends.
The EHLP program offers zero interest, forgivable bridge loans to homeowners who have experienced a drop in income of at least 15% directly resulting from involuntary unemployment or underemployment due to adverse economic conditions and/or a medical emergency.
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Mortgage Payment Assistance Available to New Mexicans
ALBUQUERQUE: New Mexico homeowners at risk of losing their homes to foreclosure may be eligible for an interest-free loan that will pay a portion of their mortgage for up to two years. A total of 352 homeowners will receive as much as $50,000 each through the Emergency Homeowners’ Loan Program. The $1 billion program, which is part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, is administered by the U.S. Department of Housing and Urban Development. Continue reading
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Homeowners Insurance: Time for an Annual Check-Up
An annual check-up on your homeowners insurance can result in a healthier policy and a healthier pocketbook.
It’s time for your annual check-up. The good news is that for this one, you won’t have to don one of those revealing hospital gowns-and you may walk away with a healthier pocketbook. We’re talking about a homeowners insurance check-up, a task you should complete once a year, ideally around renewal time. This will ensure your policy still provides the right level of coverage for your family, and your premium isn’t costing you more than it should.
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Homeowners Insurance: Are You Over or Underinsured?
Paying for more homeowners insurance than you need is a waste of money, but it can prove even more costly to get caught without enough coverage. Continue reading
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Improve Your Insurance Score
Paying all of your bills on time is one good way to improve your insurance score–and, in turn, lower your homeowners insurance premiums.
Most people expect the cost of homeowners insurance to go up after a claim is filed. But it may surprise you to know that how good you are at managing your finances can have just as big an effect on your premium as the tree that fell on your house.
Insurers look to your credit history to calculate an insurance score that’s used to judge how much of a financial risk you are. The lower the score, the higher the risk-and the higher the premium you’ll likely pay on your homeowners insurance. Don’t despair. There are strategies, including paying bills on time, that can help improve your insurance score.
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How to Correct Your CLUE Insurance Report
An error in your CLUE insurance report can increase your homeowners insurance premium or even prevent you from getting coverage at all.
Errors or misleading information in your CLUE insurance report, which details the claims history of a person or property, can cost you. Worse, you may not even know there’s a mistake until you get turned down for homeowners insurance or see a huge jump in your premium.
Insurance companies use the claims history stored in the CLUE database–CLUE is short for Comprehensive Loss Underwriting Exchange-as a principal factor in deciding if they will insure your home and how much that insurance will cost. So correcting a mistake or misstatement may bring you a direct financial savings. Unfortunately, the burden of proof is on you.
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Your CLUE Insurance Report Matters
Your CLUE insurance report keeps your homeowners insurance claims alive for seven years–and that could cost you on your premiums.
A tree falls on the roof of your house. You file an insurance claim with your agent, collect a settlement from the insurer, and fix your roof. End of story, right? Not quite. Every claim you make on your homeowners insurance is recorded in a widely used insurance industry database called CLUE, short for Comprehensive Loss Underwriting Exchange.
Almost all insurance companies use CLUE to check on the claims history of prospective policyholders. The CLUE insurance report also includes claims made on your home before you even bought it. A-PLUS is another company that maintains a loss-history database. What’s inside these reports can affect your insurance premiums, or even prevent you from getting coverage. Continue reading
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