how can my home insurance company raise my monthly premium 35 because I applied for a mortage.
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how can my home insurance company raise my monthly premium 35 because I applied for a mortage.
Progressive raised my home insurance by 35 stating it was because of
credit issues. When I spoke with someone in their credit office they stated it
was because of mortgage applications. I spoke with the 3 companies I had
applied with and they said they did not report that I had been denied only
that they had researched my credit. Credit score is 780 and all reports are
positive with no late payments going back over 10 years. I am on disability
and a fixed income so this increase is very bad. Please help.
Asked on September 28, 2017 under Insurance Law, Illinois
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
Unfortunately, the price of home insurance is not regulated, and there are no restrictions on how much premiums can increase, why they can be increased, or how much they can charge. So they can raise your premiums this way, and your only options are to change your coverage in some way that saves you money (such as accepting a larger deductible) and/or shop around for a different insurer.
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