Posted by Suzanne on February 04, 2002 at 16:49:49:
What if you could create terms where the owner and buyer would split the insurance costs until the house is sold to the buyer or until the insurance rates go down? The owner may go for it if the insurance rates were that high.
Once the house is paid off, the new owner would be able to pay the rest of the insurance from the house payments they were making. If the insurance goes higher than the acutal house payments, I will be highly surpised.
I do not really see insurance rates going that high. I agree with some others who posted that either you would have to buy a seperate deductibale for what is making the insurance sky rocket or the insurance company would put it in the exclusion list.