| Regulators file complaint on insurance firm
TALLAHASSEE - The Office of Insurance Regulation has filed an administrative complaint against the American General Life Insurance Co., seeking to suspend or revoke its ability to write insurance policies in Florida. The state office said it is also requiring the company to cease and desist from unfair trade practices. American General has refused to provide policies or limited the amount, extent or kind of life insurance based solely on the individual's future travel plans, state officials said. "When assessing their life insurance needs, consumers should not have to worry about how their travel plans might affect their ability to get insurance," said General Counsel Steve Parton. Officials said American General had been warned about the practice in the past. The most high-profile incident involved U.S.
Local banker: Insurance on problem in this area
Henry County and Martinsville area home buyers still are able to get mortgage insurance, unlike some areas of the country, according to a local banker. Todd Gruettner of SunTrust Mortgage in Martinsville said mortgage insurance is being denied in places identified as declining market areas because of a “dramatic reduction in home values." “The ones most obviously hit are the Floridas, the Miamis, Arizona, Phoenix," he said. “Investors went in speculating that they're going to get rich buying condos and then the bubble came and the homes have gone back on the market through foreclosures," with depressed values. That is not the case in this area, Gruettner said. “This is not an investor marketplace," he said, with a lot of second home and condominium speculative sales.
Real Estate
Buying a first home can be exciting and scary at the same time. It is a big decision and should be made with proper planning and strategy.Those considering the purchase of a first home should study the following steps to prepare for home ownership. The more planning there is, the more prepared the buyer will be, and the more successful that first home-buying adventure will be.-- Pull your credit reports. North Carolina allows residents to pull a credit report from each of the three credit agencies (Equifax, Experian, and TransUnion) once per year at no charge. Take advantage of this freebie whether you�re buying a home or not. Review the report for errors that could bring higher interest rates. Look for accounts that aren�t yours, negative balances that may or may not be owed, and any negative marks, other than bankruptcy, incurred more than seven years ago.
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