On October 14, 1994, the State Circuit Court in Richmond, Va., placed Home Owners Warranty
Corporation (HOW), HOW Insurance Company (HOWIC), and their parent company, Home Warranty Corporation (HWC), in permanent receivership because HOWIC didn't have enough reserves to cover anticipated claims.
They have been flying fast and furious for 20 months, ranging from HBW going down the tubes, to HOW (Home Owners Warranty
) being the one on the way down.
In addition, he has enrolled about 1,300 houses over 16 years in the Home Owners Warranty
program without incurring a loss.
Thanks to ABC News reports and Capitol Hill hearings, Florida subdivision Seville Place has become an infamous example of what FHA and Home Owners Warranty
- which respectively inspected and warranted the development - don't necessarily guarantee: roofs that won't decay, living rooms that won't flood, and so on.