Your homeowners insurance can be set up to bill to your escrow account or be directly billed to you. If your home insurance is to be paid at closing, your account will be set up as escrow-billed. After closing, it is likely that your loan will transfer to a loan servicer. When this happens, or if you refinance, it’s important you update the mortgagee clause and loan number with your carrier to ensure there is no lapse in coverage at the time of renewal.
If your loan is already with a servicer, we send proof of insurance to them immediately after your purchase. However, if you have any questions about the status of insurance on your escrow account, you can always reach out to your servicer. Need help contacting your servicer? Reach out to our customer service team and we’ll be happy to provide their information.
If your homeowners insurance is not set up to withdraw from your escrow account, payment is due at the time of purchase.