Good question. Yes, typically insurance is included in escrow, but you need to communicate with your lender to see if they have included the insurance premium in your estimated payments (if you are purchasing a home.) A lot of people include their homeowners insurance into their escrow account. I would contact your lender to see what your house payment will be with and without your insurance premium included in escrow. You may be required to escrow your insurance depending on the terms of the mortgage. I hope this is helpful. If you have any additional questions about homeowners insurance please let me know. Have a wonderful day!
Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
A mortage company may include insurance premiums in an escrow account if they require that to be the case. Over the years, that has in this area (CT) become more commonplace but it is not ALWAYS the case. The best way to determine if your Homeowners Insurance is included in your escrow account is to check your year end statement and then of course, contact your lender to verify. If you find that it is not, then the next call should be to your Insurance Professional who can update the records onj your policy and billing account for you and offer you addiional payment options that may better suit your needs.
It can, but it depends on your mortgage company. Usually, if a mortgage company requires escrow for the taxes, they will escrow the insurance too. Whether you want the insurance escrowed or not, your best bet is to talk to your mortgage company to see what options are available based on your loan.
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Best,
Josh DeBoer
918-582-8206
fdands.com
jdeboer@fdands.com