switching homeowners insurance companies… do i need to ?
let the mortgage holder know?? it is not escrowed into our mortgage but do i need to notify the bank or anything like that?
The mortgage holder needs to know. Depending upon which insurance company you select, that company may not have a "A.M. Best" rating and the mortgage holder might not accept the policy if the rating is low or if there is no rating. It is best to buy insurance from a Nationally known company and you won't have a problem.
Absolutely. The insurance company will list your mortgage company on the insurance policy and notify your mortgage company that you have insurance.
Make sure your new insurance company has your mortgage info.
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yes. the mortgage co needs to know who your insurance co is, and your insurance co needs to know who your mortage co is.
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I dont know…my opinion is that if it is not escrowed…then why do they care who you are with. I am sure they need to know however that you are covered…I would contact them and let them know.
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just make sure your new company has them listed as the mtg on your policy. they will send them proof of insurance on your new policy. no need for you to call them.
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agent
The mortgage holder needs to know. Depending upon which insurance company you select, that company may not have a "A.M. Best" rating and the mortgage holder might not accept the policy if the rating is low or if there is no rating. It is best to buy insurance from a Nationally known company and you won't have a problem.
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Well, the new insurance company should be letting them know. Just make sure it shows up on your new policy.
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Yes, you do, and the new ins co should be able to send your lending institution a copy of proof of coverage.
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You should most definitely let your mortgage holder know who your home owner's policy is with. The mortgage holder has insureable interest in your home as you owe them money for it. They will require proof of insurance. If for some reason they discover that the current insurance information is invalid, it could cause problems with the mortgage. Always cover your bases and make sure each company is aware of the other.
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homeowner and insurance professional