My question this month is who gave the bank permission to charge me
more money on my mortgage note to raise the insurance rates? Who gave the Insurance companies permission to charge more money on my mortgage? Suppose I just want to insure the amount of my note only!
As I see it my mortgage insurance started out with me having to insure to cover the Home loan when I borrowed to build my house? I gave no permission for the county to keep raising the value on my house, I did not give permission when the insurance company raised the price on the insurance base on replacement value INCASE SOMETHING HAPPENS? What if it don’t? Suppose I don’t want to replace the house? What if my house was destroyed by a tornado? It would be up to me if I wanted to live in a camper as long as the bank note was paid? They just did it! I don’t blame the local mortgage companies they don’t want to buck the big corporate banker and large insurance company’s. They just went along with what was going on. What the county is doing is raising the value of our houses based on the revenue they want to run the county, instead of cutting taxes they are raising taxes! They raise it to the amount of the revenue they think they need! The insurance companies have us over the barrel, they raise it minimum $100 per month every year! The last three years it went up $3600. The change of the homestead will help but the insurance will keep going up. Veterans and the elderly can’t afford that.
What if someone wants to insure just the amount of the mortgage only? That is what it was based on in the beginning the amount of the note. There was no agreement about inflation! What if someone sues the County and the Insurance company’s for racketeering! It is a racket you know!
What happens if I have a mortgage when the tornado hits my house and I die? Who are they going to rebuild the house for? Who do these people have to answer to. Next subject.
Also let’s talk about the city’s / towns who are they to decide what business can build a plant outside the city limits. Some town / citys can’t even support a police department because they spend money foolishly or they won’t just leave the police alloan to fight crime and quiet asking for special favors! Drive by my house all night? Or let my son go free he did not mean to do it? Many request all in the name of the people running the city / town! Did you ever look up the difference between a city and a town? There are state regulation a town does not have to follow that a city does! hmmmm
Bottom, line is if you don’t insure your house for replacement value and it gets destroyed but you have covered the mortgage you just get a note to rebuild. Does that make sense, instead of paying all those years for what might happen? Pay for insurance to cover the note and start fresh with a new house and a new mortgage! You have saved all that insurance money and increases for how many years? It may never happen but if it does you are homeless for as long as it take to build a new house, buy a camper and live on the land while they build your new house!
