Is Homeowners Insurance Covered In Mortgage?

  1. 14231 POINTS
    Tom Sheehan
    Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
    Your mortgage company may require that your Homeowners insurance is paid from an escrow account which they set up for you at the time of your purchase.  So if you mean is Homeowners Insurance included in your monthly mortgage payments, along with principal, interest and in many cases, property taxes, then yes it is.
    Answered on May 12, 2014
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  2. 215 POINTS
    Stu Cohen
    Founder, City Building Owners Insurance, Somers, NY
    As Tom indicated, the mortgage departments at many banks arrange to escrow monies for insurance and taxes in addition to the monthly mortgage payments. You may have heard of PITI (pronounced "pity") in relation to mortgage payments. This acronym describes the four components of the mortgage payment: Principal, Interest, Taxes and Insurance. In some cases, however, homeowners may pay the insurance premium directly to the insurance broker or agent.
    Answered on September 18, 2015
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