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Frequently Asked Questions

Below are some of our frequently asked questions. If you have any other questions or concerns, please feel free to contact us.

  1. How does escrow work with my homeowners insurance payments?
How does escrow work with my homeowners insurance payments?
Escrowing your home insurance is simply a way of paying your Homeowner Insurance with your mortgage payments. An account is set up with your mortgage company so that when you pay your mortgage payments every month, a part of that payment goes into the escrow account to fund the insurance premium for next years renewal of your homeowner insurance and the insurance company is paid directly by the bank (mortgage company) once annually. When you start a new policy (close on your home) you will pay the entire premium up front at the closing, then to escrow for next years renewal premium payment the mortgage company sets aside what they feel like will be a monthly portion of your annual premium. In essence, you will actually be paying for two years insurance premium over the first twelve months. What this does is take away any thoughts or worries as to whether or not you paid your homeowner renewal premium, because the mortgage company takes care of this for you. You can still change companies whenever you want, there is no change penalty for changing early because everything is on a pro-rata basis.

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