Why did my homeowners insurance go up?
Michael K asked:
I just took out a 27,000 home equity loan last month. This is my first mortgage as the house was paid off. I just got a letter from my insurance company saying that my homeowners insurance is going up $70 because of the change. Is this normal?
Claudine Matuszak
I just took out a 27,000 home equity loan last month. This is my first mortgage as the house was paid off. I just got a letter from my insurance company saying that my homeowners insurance is going up $70 because of the change. Is this normal?
Claudine Matuszak
You should ask your agent why this happened. One reason could be that your company gives a discount for not having a leinholder. When you got a HELOC, that discount went away. Also you may have taken out more money on the house than you had it insured for at the time. Maybe they (mortgage broker and insurance company) adjusted your Dwelling Coverage without your knowledge?
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coverage needed to be adjusted due to the home equity line most likely. Call your agent to find out exactly why the premium went up.
maybe your HOI has a built in “mortgage insurance” thing – check with your agent
The policy maybe you lost some discount they should have just added the mortgage company which would be no additional charge call and ask them something does not sound right.
homeinsurance.awardspace.us – you can try this company. I personally have their home insurance cause it is cheapest in our area.