Happy New Year! The year 2020 was definitely different for all of us, and brought about some changes. As we head into 2021, we are still facing some challenges. There are a couple you should be aware of regarding your home insurance.
Refinance
Let’s first start by acknowledging the insanely low mortgage rates. So many of you have wisely refinanced. If you haven’t, call a lender today and discuss your options. If you have, please be aware that your insurance is also going to need updated. We will need notified to make sure that we invoice the correct place after all the changes are made. I wrote a post about this last year. If you’re currently in this process, please go back and read it.
Escrow Insurance Payment
Secondly, I want to address the slow down in the postal service. Unfortunantly, the USPS delivery has been taking three to four weeks. When you add in covid restrictions, we are seeing a long delay in the normal time that payments are sent and posted to your account. Many of you are receiving late pay notices. If your mortgage company hasn’t paid your premium, they will invoice you before cancellation takes place.
By the time you receive the letter, the payment may have had time to post. However, if it isn’t received in time, it is your responsibility to make sure the payment is made. For this year, it’s very important to keep an eye on your renewal date and payments made. Should you need to make a payment to keep your account open until the mortgage payment arrives, I can help with that. Just give me a call and I’ll be able to process a payment for you over the phone. As soon as your mortgage payment posts, you will be refunded in full the amount you had to pay.
The Policyholder Owes If The Payment Is Late
Your insurance contract is between you and the carrier, so even though the escrow normally makes the payment for you, they aren’t responsible for late payments. I know that can be frustrating, but I will do everything I can to help you sort out if & what you need to pay to make sure you don’t run into any issues.
If you have any questions about this process or have received a letter or invoice from your insurance carrier, reach out to me. I’m here to help and make things are easy as possible for you. Email me at kaylagulick@tnsig.com or give me a call 615-472-1515
