Why Did My Mortgage Payment Go Up? Homeowners Insurance Tips Texas

If you recently noticed your mortgage payment went up, and you’re scratching your head wondering why — you’re not alone.

Many homeowners assume it’s because of rising property taxes. But there’s another culprit you might not be thinking about: your homeowners insurance premium.

Every year, your mortgage company conducts something called an escrow analysis.

They check if the money collected from you each month is enough to cover all your property expenses — including county taxes, MUD taxes, school district taxes, and yes, your homeowners insurance.

If your homeowners insurance premium increased and your mortgage company didn’t collect enough to cover it, your escrow account goes negative.

This triggers a higher monthly mortgage payment — not only to pay back the shortage but also to make sure they collect enough for the future.

Here’s how to stay ahead of the game:

• Watch for Insurance Renewal Notices: Most companies mail out renewal offers about 30 days before your policy anniversary. Open them and review the new premium!
• Monitor Your Property Tax Valuations: When you receive your valuation notice from your county appraisal district, review it carefully. Protest if the valuation seems too high.
• Shop Your Homeowners Insurance Annually: Just because you’ve been with the same company for years doesn’t mean you’re getting the best deal. Always get multiple quotes.

At My Insurance Agency LLC, I can help you compare homeowners insurance policies and find the best fit for your home and your budget — anywhere in Texas.

Want to lower your mortgage payment?

Let’s start by making sure you’re not overpaying for your homeowners insurance.

Contact me today! 

Have Marysol Call me!