Is Homeowners Insurance Paid By Escrow?
14231 POINTSview profileTom SheehanAgency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482It can be and these days many mortgage companies require it. You will be notified by your lender if they do or not. Normally, if you are paying your insurance premiums directly to your insurance provider, the only time that might change is if you refinance and it then becomes required.Answered on September 13, 2013flag this answer
75 POINTSview profileJeff OgdenSales Agent, Western Mutual Insurance Group, Phoenix, ArizonaThis will depend on the type of loan and/or your preference when your loan funded. If you see part your mortgage payment contribution sent to an escrow account then it can be either used for taxes only, insurance only, or a combination of both. It is best to contact your lender if you are unsure on the escrow assignments. Switching your home insurance means replacing the prior policy details with a new one for payment from your account. It also means that your escrow contributions will be recalculated, therefor either lowering or increasing your mortgage payment.Answered on November 12, 2013flag this answer
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