How Does Homeowners Insurance Escrow Work?

  1. 575 POINTS
    Mathew Erickson
    Owner/Agent, Erickson Insurance Agency - Farmers Insurance, Canton, OH
    An escrow account is usually setup for you when you buy a new home, and this account is used to pay your property taxes and your homeowners insurance. Your monthly payment will include our principal and interest payment to the mortgage lender, as well as 1/12 of your yearly property taxes and homeowners insurance. When payment is due, your lender will make the payment on your behalf from the escrow account.
    Answered on March 31, 2014
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