I recently got my homeowner’s insurance renewal and saw that my premium went up. I shopped around and found another company that is providing more coverage and my premium is $300.00 less than that from last year. I know my actual mortgage payment will remain the same but will my monthly payment which includes my escrowed insurance and taxes decrease???

It may, but probably not until your escrow balance is reviewed and then you may get a check for the extra money in your escrow account and at that time your payment may get adjusted. At least that is how mine works, but it only gets review once a year regardless of changes to taxes or insurance.