Homeowner's insurance - wowzers!

stripesandspots

Did your homeowner's insurance increase this year?  I got a notice in the mail that my mortgage is increasing $210 a month.  Clearly, I was surprised by this....$150 of this is due to an increase in insurance.  We have had no claims...

Temp856430000003146

We haven't received our renewal notice yet. I'm scared because we had two claims this year

stripesandspots

Okay, I just talked to our insurance company and they said our insurance went up $150 for the year...(so the increase in insurance has nothing to do with the large increase)

So I called BOA......$100 of the monthly increase relates to some sort of "escrow reserve" - say what?  $100 A MONTH??  I guess there is some sort of requirement that 16% of the total amount of the escrow (insurance plus taxes) must be withheld or something.

Needless to say, I am in the process of cancelling escrow.  Its easier but...wtf.

And when I called the first time, why did they tell me the increase was because of my insurance?

Steven&Jamie

I posted about this a while back--ours went up 52%! I flipped out, called our insurance company, got their lame excuse, and then switched companies. We're now paying less than we were paying before the increase.

Kellyn62

ours doubled.  We had 2 claims.  I was so ticked off...we shopped around but nothing was cheaper given that we had 2 claims.  grrrr!

OUKap

We had two claims and it went up about $400 per year. We don't escrow and I would recommend not escrowing if you have the financial discipline.

Dannyand Allison

Steven&Jamie:

I posted about this a while back--ours went up 52%! I flipped out, called our insurance company, got their lame excuse, and then switched companies. We're now paying less than we were paying before the increase.

I remember us talking about this and DH said all insurance companies were going up. It sucks!

stripesandspots

Well, as I mentioned, my increase DOES NOT relate to a change in insurance - my insurance only increased $150 FOR THE YEAR - I have Travelers.  The large change in my monthly payments relates to new banking requirements related to the escrow sooooooo if you escrow, watch out.

Steven&Jamie

stripesandspots:

Well, as I mentioned, my increase DOES NOT relate to a change in insurance - my insurance only increased $150 FOR THE YEAR - I have Travelers.  The large change in my monthly payments relates to new banking requirements related to the escrow sooooooo if you escrow, watch out.

We had Travelers too before I switched it. I can't believe yours only went up $150/yr--ours was a LOT more than that. When I called they told me the increase was due to all the storms/bad weather we had last year. Our current company told me all companies were increasing, and that Travelers had one of the highest increases. However, our new company is insuring our house for less than what we paid before and we have more coverage. Saved us $25/month on our trucks too. We don't escrow either.

ETA: we switched to Liberty Mutual.

gingerfeathers

We got screwed last year... long story, but we ended up going with Liberty Mutual. Couldn't be happier. The price is a little higher than it was with the old company, but the same day I switched our car insurance too, so now we pay maybe $10 a month less between homeowners and car insurance.

We do have an escrow account, but we use it only for our taxes. We just pay the homeowner's insurance. Easier that way.

elize964

Yes, mine too. But in my experience it is cheaper getting quotes online. Some of the top insurance companies offer discounts when ordering online. But to be safe you could compare rates online, pick the best offer and try a local agency to see if they can match it or do better: http://www.quotes-center.com/home-insurance-calculator

quigleygina

Ours went up, too, by more than double even though we had not made any claims. I searched for a better deal online and got lucky with the AARP Home Insurance Program from the Hartford. I found their rates very affordable and they offer great discounts, too.  I bundled my auto and home insurance together and saved big.