Have your homeowner’s insurance premiums skyrocketed this past year? Here’s a possible way around it; at least temporarily. . .

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Have your homeowner’s insurance premiums skyrocketed this past year? Here’s a possible way around it; at least temporarily. . .

– **DISCLAIMER**: I am in no way an expert in homeowners insurance, escrow accounts, or mortgages. Most of the stuff in here I just found out over the last few months when I had to deal with it myself, so please consult a mortgage or insurance advisor (or at least do some additional research) before doing any of the things I suggest below.

*Also, on a side note:*
*I honestly hate the fact that I know as much as I do about these things now, since that’s one of the first warning signs that I’m approaching that dreaded “middle aged” status, aka the AARP Qualifying years, aka the colonoscopy chapter of my life. . .* . . .

That being said. . .

Not sure about anyone else out there, but my homeowners insurance premium almost doubled for this next policy period; it went from about $2100 to $4000 a year, which I’ve been told was due to inflation costs, property value increases, the increase in the number of submitted claims in my area (although none of them were by me or anyone in my neighborhood) due to extreme weather damage, and whatever other corporate bullshit reasons insurance companies give for increasing their premiums every time you renew.

My homeowner’s insurance is being paid through my escrow account, so when the insurance company billed the mortgage company when the policy renewed in July, the mortgage company paid the $4000 premium off in full. However, there was only about $2000 in the escrow account at the time, so this resulted in a -$2000 escrow shortage, which I was notified of in mid-September, along with the fact that my mortgage payments were going to go up by over $300 a month in November to cover that shortage (with interest, of course).

Of course, if I had an extra $3000 lying around that I could just use to pay it off all at once, then that would save me that $300 a month for at least the next 6 months until my next escrow analysis. Unfortunately, seeing as that my mortgage payment already went up by $300 in April this year because of the huge property tax increases, I no longer had that extra $3000 lying around that I had last year at this time. . . It’s already been going into escrow after the last escrow analysis.

Anyway, so after a few days. . . Ok, probably more like weeks. . . of stressing myself out and cursing the capitalist pigs who are directly responsible for my mortgage payments going up $600 in 6 months without me doing or signing or agreeing to a goddammed thing. . .

. . . I decided to shop around for some other homeowner’s policies and was able to find one that was a few hundred dollars cheaper (about $3800), so I switched over to the new homeowner’s policy and cancelled the old one that same day.

That’s when the magic happened. When I cancelled the $4000 homeowner’s policy, they sent me a $3500 refund check, which I then transferred directly into the escrow account, instantly taking care of the $3000 shortage, plus adding an additional $500 into it! Flash forward to a few days ago and I just got a NEW updated mortgage statement for November, and instead of going up by over $300 a month, it’s now only going up by less than $75!

But what about that new $3800 homeowner’s policy that I just signed up for? Well, the bad news is I’m still going to have to pay that back. . . Obviously. . .

BUT, the good news is that the mortgage company had once again paid that in full a few days after I switched over, but since the escrow analysis had already been done a few weeks prior, the next one is not going to be done until March of next year. And with that extra $500 from the refund, I now only have $3300 that needs to be put back into escrow. . .

PLUS, I now have at least 6 months to try getting some of that $3300 back in there, or at the very least, another 6 months before I have to deal with this adulting bullshit again. . .

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Last update on 2024-04-20 / Affiliate links / Images from Amazon Product Advertising API

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