How To Change Homeowners Insurance When In Escrow?

  1. 14231 POINTS
    Tom Sheehan
    Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
    That process is a little more complicated, but it certainly can be done.  A mortgage company cannot compel you to stay with a carrier.  We have been successful in keeping the transition as easy as possible for our clients with a coule of approaches. The most effective, and frankly this is the easiest, is talk to your insurance professional early, at least 45 days in advance of your current policy's renewal.  That way, your agent will have time to prepare an invoice that can be sent directly to your mortgage company along with the new policy declaration sheet and copy of a written cancellation request which would be sent to your current insurer.  We have found that most effective in receiving the required annual premium withthe least disruption to you.
    Answered on October 18, 2013
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  2. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    This is generally quite simple and a process that the mortgage company understands.  Apply for the new homeowner’s insurance policy.  When the policy is issued the insurance company will provide evidence of insurance and an invoice to the mortgage company.  It may be necessary for you to contact your previous insurance company but your agent will probably assist in notifying the former insurance company.  The mortgage company will balance the returned premium from the previous policy with the premium requirement from the new policy.
    Answered on July 11, 2014
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