Well at least that’s some are thinking of doing and it’s got the insurance industry on edge.
Allstate insurance says they’ve already seen an increase nationally in arsons among homes in foreclosure. In California, the state’s insurance division reports that the number of questionable residential fires in 2007 increased 76 percent over 2006.
The logic here isn’t too hard to see. If you can’t pay the mortgage but the insurance will if the house is destroyed, why not destroy the house? I have no idea how many people actually get away with a stunt like that but you’ve got to know that if you are behind on your mortgage payments and your house blows up or burns down, you’re going to be under suspicion.
Just for fun I searched to see if anyone actually was stupid enogh to put information online about how to burn your house down. Yep, they were and they did.
Photo by notnA