WardStradlater t1_iybjv9q wrote on November 30, 2022 at 4:13 AM

They likely were not taking enough out this year for the projected property taxes and insurance, so they’re increasing it to make sure the escrow account is not short again. They decide how much extra to take each month to put towards the escrow account based on projected property taxes and insurance for the next year, so they could have undershot this years by a lot, and are trying to compensate for this year and estimating another increase for next year as well. That’s a pretty hefty increase though.

Have you gotten anything from your home owners insurance about increase In premiums? Have you had any claims this year?

NachoDog1000 OP t1_iybk3nk wrote on November 30, 2022 at 4:15 AM

No claims. This letter is saying they project $1500 for insurance but it's previously been $1100.

polishrocket t1_iybmu2o wrote on November 30, 2022 at 4:40 AM

Insurance going up everywhere

hobbes0405 t1_iycntsc wrote on November 30, 2022 at 12:27 PM

Not surprising. My calculation for estimated cost to rebuild went from 500K to 800K.

My insurance agent told me all the companies are rebalancing that because cost to rebuild has gone up so much.