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Homeowners Insurance Policy Carrier Change

You may have come into a situation where you want to change your homeowners insurance policy and there is difficulty in making the switch because the money to pay the policy is held in escrow by the mortgage company.  There is a simple solution to this issue and we wanted to share it with you in case you find it helpful.

Have Homeowners Insurance and want to change your carrier?

Pen on Paper

Here are the steps you should follow to change your carrier today:

  1. Establish a conference call between the policyholder, the new homeowners insurance carrier and the mortgage company.
  2. Ask for the fax number or email address of the mortgage company to send them copy of the new insurance policy.
  3. Ask if the mortgage company has already sent the payment to the previous insurance carrier.
    • If the mortgage company has sent the payment, the policyholder should pay the new insurance carrier directly and then request a refund from the old insurance company.
    • If the mortgage company has not sent the payment, the new insurance carrier will send the bill for the insurance directly to the mortgagee.
  4. As a service to our clients, we offer to fax or mail the cancellation of old coverage, signed by the customer, to the prior insurance agency.

You can find out more info about how to change or cancel your current Homeowners Insurance policy via our Cancellation of Homeowners Insurance Form.

Let us know if you’re interested in changing your homeowners insurance policy!  Value Insurance Agency Inc. can help you.

to begin setting up your policy today.