Can I switch my homeowners insurance? Will it hurt my escrow account?
Most of us pay our home insurance and property taxes through our mortgage. Here is what happens with your Mortgage Escrow when you switch to a different insurance company.
- The new insurance company will bill your mortgage company who will pay the premium.
- The previous insurance will need to be cancelled (we can take care of this for you) and the remaining unearned premium will be mailed to you, the customer. You will want to send this money to the mortgage company – designate that it be applied to the escrow account. This will keep the escrow account from coming up short.
- You may need to call the mortgage company. Occasionally, we run across one who requires a verification of the change in homeowners’ policy from their customer. If you’ve saved a significant amount on the new policy you will want to request a review of your escrow account. You may be due a refund or lower house payment.
While we are talking about lower payments – keep an eye on your property taxes. Make sure you have filed for your homestead exemption. This can be done online – for Tulsa county Click here assessor.tulsacounty.org/assessor-homestead.php If you are 65 or older, there is a senior valuation limit – which freezes the amount your property taxes are based on. assessor.tulsacounty.org/assessor-senior-valuation-limitation.php
If you have questions about switching your homeowners insurance or need a paper form for your property tax exemptions call us!! (918)615-9746