how can my home insurance company raise my monthly premium 35 because I applied for a mortage.

UPDATED: Sep 28, 2017

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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


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 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.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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