It’s not any different than living in a place you can’t afford for other reasons. If the total cost of the place you live goes up such that you can’t afford to live there anymore, you have to move to somewhere that will cost you less. It’s a very bad decision to stay in a place you can’t properly afford because it will drain your funds that are needed for things other than housing!
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These 14% that don’t have their homes insured…I’m guessing they don’t have a mortgage either? Every mortgage that I have ever had required that I keep insurance on the home.
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We are talking property insurance not mortgage insurance.
I think gcr2016’s point was that if you have a mortgage the mortgage holder often (almost always) requires you to have property insurance.
Pete
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Fair enough
But it is getting conflated.
This is about wallets that can not afford to live in some zones. It is not really about many other situations. Dropping property insurance is being done under financial duress. Buying a home is not.
Maybe they work it like car owners in MIchigan. Michigan requires car owners have insurance. Every Secretary of State office (the authority in Michigan that issues car registrations) has an insurance sales office next door. People go into the insurance office, buy a policy, take the certificate of insurance to the SoS office, get their car registration, then drop the insurance. Then, when the one year registration expires, they don’t get it renewed, so they are driving with neither insurance or a current registration.
Laff break: the local news covered a guy who was having a court hearing about his suspended driver’s license. He was allowed to participate in the hearing via video from his cell phone. So the genius calls into the court about his suspended license, from his car, while he’s driving down the road.
Steve
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They DO NOT work like that. The difference between cars and houses is that with cars it’s the state that requires insurance, so you show them “proof” of insurance when you register it, and then stop paying after a month, and your registration remains valid for the duration of the year. With homes, the mortgage company is on the title of home (they kind of co-own it due to the lien on it), so if your insurance lapses, the insurance company notifies them right away, and then THEY go out and buy expensive insurance on the home and simply add it to your monthly mortgage bill.
I’ve heard talk that some states want to do the same thing. They want insurance companies to report when car insurance lapses, and then they will invalidate the registration … so an alert cop can pull you over and impound the vehicle until you bring your insurance up to date. And they have even fancier techniques nowadays, they have roving vehicles with good cameras looking 360 degrees scanning all plates in view. When they get a “hit”, a plate with a warrant or with an infraction or whatever on it, they wait for the driver to return to the car and take both the driver and the car into custody until the matter is resolved. I, myself have seen such a cop car in the local Lowes parking lot a few years ago. I posted here about it back then.
I saw that clip yesterday. It was hilarious. Especially at the end when he realized what he’d done!
Hilarious.
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There was an update on that story on tonight’s news. The suspension on his license was supposed to be lifted, about two years ago. Someone did not follow through, so it still looked suspended on the judge’s records.
Secretary of State records show Harris’ license was first suspended in 2010 for unpaid child support in Saginaw County.
Then in 2022, court records show that a judge rescinded that suspension, allowing Harris to drive again. But it appears that information never got to the Secretary of State where even as of Thursday afternoon, Harris’ license is still listed as suspended — the same records police and the judge were going by.
So the guy was innocent of the charge from last fall of driving on a suspended license, that the court appearance yesterday was about.
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How did the judge not know that that (an incorrect suspension of license) was what the case was about?
The judge, as was the ticketing officer last fall, were going by SoS records. Someone dropped the ball between the Friend of the Court and SoS, so SoS records were not updated two years ago.
Steve
Non-centralized data sources failed to update files stored elsewhere.