In September or October of I received notice from my mortgage company, Countrywide Home Loans, that my homeowner's insurance through Hanover Insurance Co was being cancelled because they would no longer be doing business with the company. I was paying $406 annually. I called Countrywide and was told by a Customer Service person not to worry, that another insurance company was going to be taking over with "comparable policies" for Countrywide customers. I got a policy from Balboa Insurance, and thought everything would be fine. I don't recall ever getting a quote, and I foolishly didn't pay attention to the detailed list of transactions on the back of my monthly statements. I assumed that my payment would be around what I was already paying, if the policies were going to be "comparable."
When I went to pay my June mortgage payment, I was stunned to find out that my escrow account is $1800 short, due to the fact that Balboa was sent a payment in November of $2100!!! So now I need to come up with the $1800, and my mortgage payment is going up over $200. If Countrywide owns Balboa, this seems like a bit of a scam to me. I've checked with other people in my area, and no one is paying even close to $2100 annually for homeowner's insurance in my area.
I can't be the only person with this problem, if Balboa took over all of the Hanover policies.
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