Home insurance

If you've paid your home insurance through an escrow account and your policy is canceled or changed, your insurance provider will issue a refund directly to you, not your escrow account.

You should return this refund to your mortgage lender to apply to your escrow account to pay for the new policy. Failure to do so may result in a shortage in your escrow account, which could increase your future mortgage payments.

Homeowners insurance provides financial protection against damage to your home, personal property, and liability for accidents on your property.

Policies typically cover risks like fire, theft, vandalism, and certain weather events such as wind or hail. Standard policies may exclude flood or earthquake damage, so consider additional coverage if you live in high-risk areas. Reviewing your policy regularly ensures you maintain sufficient protection for your home and belongings.