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Does escrow cover home insurance?
I’m buying my first home and my lender let me know they’ll be setting up an escrow account. I know that part of my mortgage payment goes into my escrow. Will escrow cover my home insurance?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congrats on the new home! In most cases, your escrow will cover your home insurance.
An escrow account is set up to protect the buyer and seller, but also to pay things like your property taxes and
home insurance
once you close on your home. Lenders set up escrow accounts to ensure your home has insurance coverage and its property taxes and other bills are paid on time. Without an escrow, it’s the homeowners responsibility to cover these things, which is a risk to a mortgage lender. Without an escrow account, lenders assume you’re more likely to miss payments or not have the proper amount of coverage on your home. If your home is damaged and you don’t have insurance, your lender loses its asset.
Typically, once you find a home insurance company, you’ll give them your mortgage lender’s address. Your insurance company will then bill your lender at every policy renewal. Your home insurance payment will come directly from your lender.
If you have any other questions regarding your escrow, be sure to reach out to your loan officer. They can provide you with any additional information regarding your account.
If you want to save money on home, renters, or car insurance, the
Jerry
app is a good place to start. A licensed broker, Jerry does all the hard work of finding cheap quotes from the top name-brand insurance companies and buying new home or renters insurance. Jerry will even help you cancel your old policy.And to ensure you always have the lowest rate, Jerry will send you new quotes every time your policy comes up for renewal, so you’re always getting the coverage you want at the best price.
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