Orlando Mortgage Blog

I'm going to pass along some information that has saved money for me personally as well as those customers I've passed it on to in the past year. I would suggest that this is worth checking into no matter who you have your hazard insurance placed with today. I saw a tremendous premium increase this past year on my State Farm hazard insurance premium as did many others in Florida. It appears that it was generally a 35 to 40 percent increase in just one year. I heard it was coming from my next door neighbor. I too saw the bump and just after my annual escrow dispersement called to check on it myself. Sure as sunrise it had happened. I asked what I could do to lower the premium increase and was told that they would need to update and "reevaluate" my home's status (after having had coverage through them since 1980 on the same home). So they sent out a questionaire to be completed and returned for "review". Basic questions such as the type of construction, age and type of roofing material and so on. After sending it back to them and waiting a couple weeks I found an envelope in my mail box with a refund check for a little over $800. Had I not made the inquiry myself apparently State farm would have continued to bill at the higher level. Since that event I have made it a point to pass along this story to all my customers I see with State Farm coverage in place. I just had another customer returning for a refinance within the last week that found they would be saving at least $700 themselves simply because of updating their information as I suggested they check into. So no matter who you insure with, I recommend you check into making certain you are being billed for the appropriate coverage based on your current home status. This could be a worthwhile freebie! They won't call you apparently...so call them to see if you are eligible.