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Protect Your ASSets
45 years of providing business and family insurance services. 

A Senior Insurance Scam with a twist...

6/18/2018

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I get to busy to blog...until an issue crops up that is more important.  Specially one that deceives an elderly local friend on a tight budget.  Who freezes me in my tracks saying "It's not right that you need a mortgage in order to get flood insurance".  WHAT?!?  It's true if your home is in a 100 yr flood zone and you have a mortgage, your required to have flood insurance.  But, you don't need a mortgage in order to obtain flood insurance.  When asked who told him such a thing..."My financial advisor explained it.. then had me take out a loan on my home...so I could get flood insurance".    Slippery sales advice....using the loan money to then finance a large stock purchase thru the same financial advisor.  It get's better..

The loan had a fixed payment rate for the first 10 years and the flood insurance was paid by the mortgage company.  So the accumulation of the flood insurance costs just kept adding to the loan principal.  On the 11 year the loan payments adjusted and tripled to pay back 10 years of flood insurance.  He went off to rip his financial advisor and pray the stock investments had decent enough returns.   
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    Little Ferry NJ Insurance agent

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    Craig H Rogers - Owner/Agent
    Family owned insurance agency since 1972.  Serving Contractors and Home owners in the NJ & NY area..

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Walter O. Rogers Insurance Services, its associated companies, its officers, directors, associates, agents, or employees, or any other person associated with this Site, shall not be liable or responsible for any harm, loss or damage (whether arising in contract, tort negligence, or otherwise) that may arise in any connection with use of this Site, including any indirect, direct, special, third party, or consequential damages. Every Insurance Policy package has limits and exclusions. It is the responsibility of each individual and company to be knowledgeable and aware of the wordings and coverage's for their Insurance Policy.   Copyright © 2015
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