Imagine a homeowner has a loan of $500k. The loan also has a PMI of about 150$. But the home value increases. The homeowner calls the bank to get the PMI removed. The appraised value comes out to 650k.
Could the homeowner's insurance company raise the premium based on the increased home value?
Could the increased home value by 30% cause an increase of 30% in premium?
Note the property is in the US.