Homeowners Insurance Policy Rate increases $220?
I bought a home in 2006. Had a policy for $ 550.00. Next bill 200+ more (nothing in policy changed). switched company
Got AAA policy $ 512.00 (same policy coverage) Next bill $ 734.00 – Only change here was $ 29 dollars for Earthquake and House is covered for 1,000 dollars more. (Keep in mind my house is less than $ 100,000 and in good shape for being 40-60yrs old)
Is there some unwritten law that states after providing insurance to homeowners for 6 months you have the right to jack up the price $ 200 every year?
Should I get new insurance company again? If so, what guarantees that they don’t tack on an extra 200 like the last company. This pattern is discouraging at this rate I will run out of insurance companies before I pay off the house.
My insurance is paid through an escrow account so taxes already went up and insurance goes up – Monthly Mortgage Payment goes way up!
Something none of us need.
Please offer any of your experiences and advice.