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Confirmed - Want to Change Homeowners Insurance

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    Confirmed - Want to Change Homeowners Insurance

    Hi, I want to switch my homeowners insurance policy. Its currently being escrowed through my mortgage and of course my mortgage is in the bankruptcy. Has anyone ever changed their policy before? I've never done it and I have the quote and everything is ready to go... I'm just not sure how that stuff gets handled? The insurance company just sets it all up with the bank right? Or will there be some sort of push back on the mortgage company since my mortgage is in the BK?

    #2
    We have changed our homeowners insurance company twice since filing chapter 13 a little over four years ago. All we did was provide the new policy information to our mortgage holder at least thirty days before the effective date of the new policy. The new insurance company sent a statement to the mortgage company so the premium could be paid from the escrow account. It was a seamless process on both occasions.

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      #3
      Oh that doesn't sound bad... my premium is going to go down like 1k a year and I was nervous that this would somehow trigger the trustee to be like ooooooo more money to snatch.

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        #4
        Since filing in 2015. we have been required to file an updated annual income and expense document with the court. So far, our monthly payment has not changed because our increase in annual income is offset by higher food prices, health insurance, property taxes, home maintenance costs and etc. If you are also required to file an annual income/expense report the $1,000 you are saving by changing insurance companies can probably be offset (depending on an increase in income) by rising costs in expenses.

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          #5
          Oh ok, no I don't have to file anything with the court from now on unless I need to modify my plan or let them know about extra income etc... I was just trying to penny pinch as much as possible and our home insurance is actually way overpriced. I don't have to give them my tax refunds or bonuses or anything either.

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            #6
            So, FYI I went ahead and changed it... my current company said that the money for the policy will come back to me directly and then my new policy is being set up the same way on escrow. So, I'm trying to figure out how my mortgage company is going to handle that... my insurance is usually paid in full when it renews from my escrow account... so it was just paid in August and my escrow doesn't have the money to pay for the new policy. I also don't know how long its going to take for liberty mutual to refund me the policy money... will my current mortgage company just front me the new policy payment and let the escrow go negative until I send them the difference?

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