Monday, April 21, 2008

Feeling the Heat

Another side effect of the "Mortgage Meltdown:" people torching their properties for the insurance money. Should have seen this coming. I believe the rule is that you have to have the home insured for enough to cover the mortgage, so if they don't catch you... (Hint - removing all of your expensive home theater gear before the fire makes you a suspect. Just saying.) But I guess it's still not very widespread, which is why there isn't a lot of coverage yet. But I suspect that we'll start to see more arsons as people try to find a way out from under a crushing mortgage that leaves their credit intact.

1 comment:

ben said...

Being criminally minded I specifically asked about our home insurance. It's not all it's cracked up to be. If I burn my house down it covers rebuilding another crappy house - i.e. doesn't pay of the land value (which is much, much higher than my house value).