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How Refinancing Your Home Can Affect Your Insurance

By November 7, 2024Insurance

If you are planning to refinance your home, or have done so recently, please be sure to let your insurance advisor know of the change.

After the closing takes place, a bank will often sell your loan to another bank or finance company. If your insurance payments are mortgagee billed and the new lender is not given your agent’s information, your bill may not get paid.

By the time your insurance advisor receives a late notice on a mortgagee billed home payment, the policy is usually in cancellation mode, leaving everyone scrambling to ensure the premium is paid before the policy cancels.

Please notify your insurance advisor if you are planning to refinance your home or your mortgagee information has changed. We are always happy to work with the bank on your behalf to ensure a smooth transition.