Profile picture for lynrosect

Changing escrowed home owners insurance??

I recently purchased a house in March.  My home owners insurance company keeps changing my insurance quote (Utica).  Every week I receive paperwork stating my home owner insurance and/or car insurance is going up for some reason or another.  I fear I have become the victim of a bait and switch.  The quote was the best quote in March and now I am quickly approaching the worse rate out of all the quotes I received.  Is it difficult to change the escrowed home owners insurance company? 

  • May 04 2010 - US
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Answers (4)

Best Answer

Profile picture for Joanna24
You can change your Home owners insurance at any time during the policy - I am an insurance broker, I know for a fact that you can - however - there are always agents out there who insist that you cannot - go elsewhere if this is the case.
  • May 04 2010
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I guess I should correct my answer by being more clear.  Joanna is right.  You can change anytime. BUT, the escrow company/lender doesn't have to pay the new company's bill since they have already paid a years premium to your prior company.  They will likely make you pay the first year yourself to the new company, then they will reimburse you after you cancel the old when and they get their money back from your prior carrier.  So for a time period (sometimes up to 90 days) you could be paying for your new policy plus your monthly escrow amount.  Then they will pay the new company the next year.  Some people don't have the cash flow to do that in this economy.  So i go back to my previous answer in that if you want to do it, let your escrow company know about 90 days before your renewal not to pay the upcoming bill because you are going to change.  Then start shopping....early.  As an agent myself, I don't want to just tell you what you want to hear, I want you to be aware of the possible snags as well.  Best wishes.  Hope you can save some money :-)
  • June 21 2010
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As an agent, most of the escrow companies around here won't let you change mid stream.  You can only change at renewal.  I will tell you that if you want to change it, be sure you start getting your quotes 90 days or so before the renewal.  Escrow companies sometimes pay your premium over 30 days early.  Once they do, its tough to get your money back without a lot of hassle.
  • June 16 2010
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Profile picture for Joanna24
Oh and - difficult? NO... BUT - it may take a little extra work on your side to make sure that the mortgage co. is aware and does it correctly once you have the policy you want...
  • May 04 2010
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