How Do Escrows and Homeowner’s Insurance Work?

Your escrow account is an account held by your lender that requires you to fund in addition to paying the loan principle for your home, the property taxes and your homeowners insurance. Your lender wants to make sure you don’t default on your loan, but they also want to make sure you stay current on your property taxes and homeowner’s insurance, as failure to do so could put your ability to continue to pay your mortgage in jeopardy.

To make sure of this, they set up the escrow account and add the cost of these other expenses to your mortgage payment. They collect their portion to pay back part of your mortgage loan and deposit the rest in the escrow account. Each month, the funds to pay your property taxes and insurance come out of that account.

Capital Gate Insurance agents review your exact insurance needs for the home then return the lowest quotes from the long list of direct carriers we work with to get the absolute best rate with the best coverage for you.

Lower homeowner’s insurance means lower mortgage payments for you! Reducing your homeowners insurance on average can take $30.00 to $50.00 a month off a typical mortgage payment. Capital Gate will do all the paperwork to put a new lower policy in place for you to begin saving TODAY! We love helping customers.

Can I Change My Homeowner’s Insurance After Setting Up Escrow?

Let’s say you choose your homeowner’s insurance, get your mortgage and escrow is in place, and you have already started paying for your homeowner’s insurance automatically out of escrow. Now, you find a cheaper homeowner’s insurance policy elsewhere. Can you switch policies even though the escrow account is set up to pay your original insurer?

The answer is “yes.” Capital Gate Insurance knows the ins-and-outs to change your homeowner’s insurance at any time, regardless of escrow. If you decide when discussing with our agents to change policies, we can advise your lender to make sure they record the change to reduce your monthly payment accordingly. Usually your mortgage gets audited and your payment structure changed annually to reflect any such changes.

Insurance cost 101: Keep more of your hard-earned money in your pocket where it belongs. Our licensed agents are eager and ready to help you to complete this process in no time at all! Call capital Gate Insurance Agencies Corp. for the quick details and the easy process for a full review.

Where Can I Find a Better Rate on Homeowner’s Insurance?

It is possible, in all the excitement of getting a mortgage for your home anywhere in New York State, that you forgot to contact the #1 rated insurance agents, Capital Gate Insurance Group to have our expert team members work for you? As a result, you are probably paying much more than you need to for homeowner’s insurance. Fortunately, it’s never too late to fix the problem.

Getting you the best rate is just what we do! We work hard by submitting your risk for your homeowner’s insurance to our huge network of A+ rated insurance carriers that compete for your business, both is price and coverage. Our goal is to make sure you, as a customer of Capital Gate Insurance, are completely satisfied and fully understand all the details of your policy. If you want to lower your payments NOW or you are simply just interested in getting a comparison quote, call (518) 389-2610 weigh it up. Choosing homeowner’s insurance through Capital Gate Insurance will be an obvious decision so call or click to speak with a friendly agent today!