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UPDATING YOUR MORTGAGE INFORMATION ON YOUR HOMEOWNER'S POLICY

December 3rd, 2008 at 01:41 pm

This article is a friendly reminder to update your homeowner’s insurance policy on an annual basis with your insurance agent.

As an insurance agent, I have seen insurance cancelling because the information on the policy is incorrect. Mortgages are bought and sold everyday, especially with all the turmoil in the financial world today. Banks may change the location of their insurance center, change loan numbers and the insurance company has no way of knowing. Invoices are sent to the mortgage company generally 45 days ahead of renewal, if it goes to the wrong address or has the incorrect loan number, the invoice gets lost in the shuffle and the insurance policy does not get paid. Before you know it, you have cancellation notice and the mortgage company is going to write a policy on your house, which does not cover you in anyway, only their interest, the house.

Take a look at your policy or call your agent when the mortgage information changes to keep your insurance in force.

Posted in AUTO AND HOME OWNERS INSURANCE | 3 Comments »

3 Responses to “UPDATING YOUR MORTGAGE INFORMATION ON YOUR HOMEOWNER'S POLICY”

  1. fern Says:
    December 3rd, 2008 at 04:42 pm 1228322559
    1228322559

    The bank doesn't pay my homeowners insurance, I do.

  2. Alice K Says:
    December 8th, 2008 at 04:05 pm 1228752333
    1228752333

    I wish that was the case for most homeowners, however it is not.

  3. Alice K Says:
    December 12th, 2008 at 01:34 pm 1229088848
    1229088848

    I have thought about your comment and if you have a mortgage on your home, whether you pay the insurance yourself, or you pay the insurance through you mortgage company, the information has to be correct. Mortgage companies insist their property be protected and the insurance company still sends evidence of the insurance at renewal. It behooves the mortgage customer to keep the insurance company informed so they don't end up with a policy, from the mortgage company.

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