My Insurance Co. Is Not Federally Funded?
Hi there,
I'm using an insurance company, whose underwriter is Lloyds of London.
Another investor told me Lloyds of London is not federally insured and that if they went out of business or couldn't pay, the federal government is not obiligated to cover.
I'm looking for the following answers:
How to find out if Lloyds if Federally Insured?
Does it matter if Lloyds is Federally insured?
If all this does matter, any suggestions on other insurance companies for Rental Property?
Thanks. :-D
Best universal source of info re ins. co's is your state ins. commission/agency.
They'll tell you licensed status of your particular ins. co., its stability, etc.
Most states have a Department of Insurance website. Property and casualty insurance is predominantly state, not federally, mandated and administered. As John mentioned, checking with the state would be your best bet.
Best regards,
Tim[ Edited by norrist on Date 11/04/2004 ]