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Started By
Message
My homeowners insurance went up 70%
Posted on 8/10/24 at 1:59 pm
Posted on 8/10/24 at 1:59 pm
Causing my mortgage to go up significantly.
I’m a dumbass. I told myself all year to call my insurance broker to ask them to search for a cheaper option before it renewed but time flew and I forgot.
Hopefully the bank will let me switch at this late date. I already called them and someone that handles escrow is supposed to call me back. Monday I’m calling my broker to ask them to start searching for a better option.
Anyone else have experience with this who may have some advice?
I’m a dumbass. I told myself all year to call my insurance broker to ask them to search for a cheaper option before it renewed but time flew and I forgot.
Hopefully the bank will let me switch at this late date. I already called them and someone that handles escrow is supposed to call me back. Monday I’m calling my broker to ask them to start searching for a better option.
Anyone else have experience with this who may have some advice?
14
Posted on 8/10/24 at 2:01 pm to Undertow
You can cancel the existing policy renewal if you get a replacement.
It may take a few months, but escorw will eventually settle out.
It may take a few months, but escorw will eventually settle out.
Posted on 8/10/24 at 2:08 pm to ItzMe1972
Even if the renewed policy has already taken effect? I believe it took effect on the first of this month.
Posted on 8/10/24 at 2:18 pm to Undertow
Yeah, they'll send you a refund for the coverage time you didn't use. Hope you have a relatively new roof.
Posted on 8/10/24 at 2:45 pm to Undertow
They can’t force you to stay in the policy. If you find a replacement, the current policy gets cancelled and you are reimbursed / adjusted through escrow.
Posted on 8/10/24 at 2:48 pm to Undertow
Where are you located?
Posted on 8/10/24 at 3:27 pm to Crescent Connection
Baton Rouge
Posted on 8/10/24 at 3:33 pm to Undertow
Mine has gone from 14k four years ago to over 65k this year. Sucks arse for sure
Posted on 8/10/24 at 4:05 pm to BigApple
quote:
Mine has gone from 14k four years ago to over 65k this year.
65k…I wonder if Lloyd’s of London would insure the Hope Diamond for that much.
Posted on 8/10/24 at 4:52 pm to Undertow
quote:
Even if the renewed policy has already taken effect? I believe it took effect on the first of this month.
Yes you get a refund
Posted on 8/10/24 at 7:04 pm to Undertow
Good luck in finding something
Posted on 8/10/24 at 7:15 pm to Undertow
Did you miss when the reveal was sent out? About a month prior.
Good luck finding something cheaper.
Good luck finding something cheaper.
Posted on 8/10/24 at 7:45 pm to Undertow
Your escrow is funding the next years payment essentially. So if you find a cheaper policy, you will be ok
Posted on 8/10/24 at 7:57 pm to BigApple
quote:
Mine has gone from 14k four years ago to over 65k this year. Sucks arse for sure
Either you are insuring a ten million dollar property on Grand Isle or your numbers are way off.
Posted on 8/10/24 at 8:25 pm to Undertow
(no message)
This post was edited on 10/1/24 at 12:55 pm
Posted on 8/10/24 at 8:43 pm to lsuconnman
quote:
BR is a good market
Insurance is thankfully not the shite show here that it is in much of the rest of S LA right now.
Posted on 8/10/24 at 8:49 pm to Undertow
there may be a minimum earned premium (usually about 25%) that may be required to be paid so you may be stuck with it for a quarter since they get the minimum earned premium even if you cancel quickly. I have some policies that have that feature, but it may just be policies for actual HOAs incorporated. Worth looking into before you cancel.
Posted on 8/10/24 at 8:53 pm to Undertow
insurance in BR isn't' bad. just get other quotes. no biggie, your lender will handle it
This post was edited on 8/10/24 at 8:54 pm
Posted on 8/10/24 at 9:17 pm to HarveyBanger
quote:
Either you are insuring a ten million dollar property on Grand Isle or your numbers are way off.
Nah, I wish. Just an old house in New Orleans
This post was edited on 8/10/24 at 9:35 pm
Posted on 8/10/24 at 10:28 pm to Undertow
This is the last year I’ll be forced to pay for wind/hail insurance.
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