A HOMEOPER feared losing his home because he was hit with an unexpectedly large bill.
Dennis Zehnle, of Centennial, Colorado, about 15 miles south of Denver, shared a warning to other residents after he was charged more than $7,000.
4
4
Zehnle said he had lived in his property for seven years but was shocked after his new home insurance premium arrived.
The owner said his annual bill has increased to $7,137, according to the Fox affiliate KDVR.
Zehnle complained and said he went through this hike despite having no problems.
“We haven’t had any complaints in the last two years and our rates have gone up 120%,” he said.
“When we have no complaints or other problems, it was shocking,” he added.
Zehnle also feared it could lead to the loss of her home.
“It is our greatest possession and reality and the loss of our home would be devastating,” he said.
Zehnle warned other families that their dilemma could become a reality for them, too, as insurance rates soar.
“It’s clear that a lot of homeowners are dealing with this, and if they’re not now, they will be when the renovations come around,” he said.
An insurance expert painted a grim reality for millions of other Colorado homeowners.
Carole Walker of the Rocky Mountain Insurance Information Association explained why rates rose so dramatically, according to KDVR.
“We’re really at that tipping point where we’re seeing some of the fastest growth rates in the country,” she said.
She especially blamed natural disasters and climate premiums.
“We are at the top of the lists that no one wants to be on,” Walker added.
Home insurance rates increase
Several factors have led to a dramatic increase in home insurance costs for people across the country.
Certain states, like Colorado, were hit harder. for these additional financial charges.
- The increase in extreme weather conditions such as hurricanes, floods and droughts was partly to blame.
- Rising construction costs have made repair work more expensive.
- Large insurers such as State Farm have reported lost profits
Credit: CNBC
“Second in the country for hail insurance claims, second for wildfire risk, and the costs associated with that are, unfortunately, skyrocketing.”
DOMESTIC DILEMMA
Insurance premiums may not be the only rising cost homeowners have to watch out for.
Rising interest rates have caused some homeowners’ mortgage rates to soar in recent years.
A real estate agent has shared an important form that families can use to stop mortgage rates from rising, The US Sun previously reported.
Jessica Rogers, a licensed real estate agent in South Carolina, explained that a buyer who sets their new home as their primary residence in their state will receive a “special tax” rate.
She said that rate was 4% and applied to primary residents.
Rogers said this lower tax helped one of his clients save more than $300 on his mortgage payment.
4
This story originally appeared on The-sun.com read the full story
