Are Insurance Premiums on the Rise?

Have you noticed your homeowner’s insurance premium rising? When was the last time you reviewed your policy?

Rising insurance rates could be due to a variety of factors, such as inflation, local factors like weather patterns, increased property risks, and regulatory changes. If you have an escrow account, it is important to note that your mortgage servicer will complete an escrow analysis on your mortgage every year in April. They will check to confirm that your current mortgage payment is setting aside enough funds in your escrow account to cover the bills for your homeowners insurance and property taxes when those bills become due. If you see your payment jump, it could be due to an increase in your property taxes and/or homeowners insurance premium. Even if you don’t have an escrow account, it’s still crucial to be on alert for increased premiums.

We recommend reaching out to you insurance provider every year before your policy renews to review any changes and cost savings measures. Your insurance provider will be able to advise you on changes impacting your policy, while also confirming you have adequate coverage.

by: Jill Bartoletti w/Movement Mortgage