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Insurance went way up can’t afford it?
My home insurance went up $300/month. It’s so unexpected and out of my budget. Now I can’t afford my house payments. What are my options? I really don’t want to sell, but am I forced to since I can’t afford this?
Asked By Maria | Tampa, FL | 32 views | Finance Legal Info | 2 weeks ago
Answer(2)
Holly Fullerton
Keller Williams On The Water
I’m so sorry to hear about the unexpected increase in your home insurance—it’s incredibly frustrating when something like this happens and puts such strain on your budget. Please know that you’re not alone, and there are steps we can explore to find a solution that works for you.
First, let’s look at your insurance policy. It’s worth reaching out to your insurance provider to ask for a review and shop around for competitive quotes. Sometimes there are discounts or adjustments you might qualify for that could bring the cost down.
Next, we could connect with your mortgage company. They might have programs or temporary solutions to help, such as restructuring payments or adding the insurance cost into your loan.
If those steps don’t resolve things, we can also explore other options together. For example, if you’re open to it, renting out a portion of your home could help offset costs. Additionally, I’d be happy to connect you with a financial advisor or housing counselor who can offer specific strategies tailored to your situation.
Selling your home is always a last resort, and if it does come to that, I’ll be here to guide you every step of the way to ensure the process is as smooth as possible and helps you get back on solid ground. Please don’t hesitate to reach out to me—I’m here to support you through this.
- 2 weeks ago
Helpful (1)
Unhelpful (0)
Tabitha Westmoreland
RE/MAX Preferred Properties
Hi, have you shopped around to different insurance companies? I would look at other insurance companies before you decide to sell your home. I would hate for you to lower your coverage to get a cheaper policy then something happen. Shop around.
- 1 week ago
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