CLICK HEREto return to discussion topics
MrLandlord Q & A
Homeowners Insurance (by Sharon [CT]) Apr 13, 2024 7:29 PM
       (by Still Learning [NH]) Apr 13, 2024 8:31 PM
       (by plenty [MO]) Apr 13, 2024 9:05 PM
       (by DJ [VA]) Apr 13, 2024 9:28 PM
       (by Robert J [CA]) Apr 13, 2024 10:32 PM
       (by Tony [NJ]) Apr 14, 2024 6:50 AM
       (by Vee [OH]) Apr 14, 2024 7:21 AM
       (by zero [IN]) Apr 14, 2024 10:40 AM
       (by Nicole [PA]) Apr 14, 2024 2:01 PM
       (by Sharon [CT]) Apr 14, 2024 5:42 PM
       (by Ray-N-Pa [PA]) Apr 15, 2024 7:43 AM
       (by MikeA [TX]) Apr 15, 2024 10:26 AM
       (by Phil [OR]) Apr 17, 2024 11:05 AM

Click here to reply to this discussion.
Click Here to send this discussion to a friend

Homeowners Insurance (by Sharon [CT]) Apr 13, 2024 7:29 PM

Hi, Iím hoping someone can give me some direction. We pay our homeowners insurance as part of our mortgage payment in escrow. There was a problem with the insurance company not getting our escrow from the mortgage company. I learned this by receiving a call from the agent. I made many calls back-and-forth and finally they reenstated the policy. Then a couple months after that, our mortgage was transferred to a different servicer who wanted the mortgage clause changed to the new servicer. However, they were not able to reach the insurance company and again the insurance got canceled, and because this happened twice, they will not renew it. We were forced to have to get another policy and since we were canceled, and the new policy they gave us is a lot more expensive making our mortgage payment in June an additional $300 a month. This is crazy. Why should we have to pay the extra money because they screwed it up what recourse do I have . And does anybody have any suggestions of where I can go to get a decent rate for my insurance itís something like $4500 a year. It is a commercial policy thatís why itís more expensive but more so itís because of the cancellation that it happened on my policy . Any suggestions or other companies I can try. My personal homeowners does not do commercial or I would bundle. Thanks for any help we get. --66.30.xx.xxx

Homeowners Insurance (by Still Learning [NH]) Apr 13, 2024 8:31 PM

My guess is that ship sailed and it may be too late with it all recorded and showing cancelled. I would be looking for a new agent and also getting letters of explanation from the bank taking responsibility. I would call your state insurance commissioner and see if there is anything they can do. My commercial loan was escrowing property taxes. It was an in house loan with a local bank. The 3rd party servicer they used screwed up the property taxes and I got letters from the city saying taxes werenít paid. I checked every week or two with the city and my loan officer. We were within a week of having a lean put on the property and the bank stepped up and paid the taxes. We then signed new documents removing the bank escrowing property taxes. --73.159.xxx.xx

Homeowners Insurance (by plenty [MO]) Apr 13, 2024 9:05 PM

Uuggghhh. I have one mortgage on a rental that the insurance and bank just can't keep it together. Every year I need notice of none renewal and right down to the deadline. I have to pay and then wait for the refund. It's so frustrating! This house has asbestos siding and it's a policy thru my agent to another carrier. This year the mortgage holder service rep said OH the box isn't checked that it's escrowed.... Yet every month the take escrow for taxes and insurance! I feel your frustration! Sorry you are now in such a a situation. --172.59.xxx.xx

Homeowners Insurance (by DJ [VA]) Apr 13, 2024 9:28 PM

If you can't get far enough up the phone tree to someone with power to fix it, consider contacting your local news media --68.229.xxx.xxx

Homeowners Insurance (by Robert J [CA]) Apr 13, 2024 10:32 PM

Maybe you don't speak, Insurance! Maybe thru escrow and mortgage, you are paying for Private Mortgage Insurance, which is different then Fire/Liability Insurance. Please check. --47.155.xx.x

Homeowners Insurance (by Tony [NJ]) Apr 14, 2024 6:50 AM

Two thoughts. I'm currently looking into NJM (New Jersey Maunfacturers). They are known for low auto rates and will insure up to 4 rental properties IF you have your personal homeowners insurance with them.

2nd - I would contact whatever state agency might regulate/deal with banking and insurance matters.

In my state it's NJDOBI - NJ Division of Banking and Insurance.

Your mortgage servicer should be accountable for this extra burden on you.

Good luck and please let us know what happens. --73.215.xxx.xx

Homeowners Insurance (by Vee [OH]) Apr 14, 2024 7:21 AM

This reminds me of the Hoosterville mortgage company that relies on the phone company to run phone wire to the new office location. --184.59.xxx.xx

Homeowners Insurance (by zero [IN]) Apr 14, 2024 10:40 AM

What mortgage company is it? --107.147.xx.xx

Homeowners Insurance (by Nicole [PA]) Apr 14, 2024 2:01 PM

One of my remaining mortgages collects the escrow and I also go through this EVERY year... almost to the point that I am going to pay off my less than $40,000 balance although I don't want to.

What I do, EVERY year, is about two days prior to the payment due date I pay it on line. And then I get a refund ... frustrating beyond belief.

In EVERYTHING, I hate a third party between me/my payee, my money and the intended recipient/my payor. I see it with the rent collection companies, venmo, cash app, etc. Why anyone voluntarily use this stuff, I've got no idea. --98.237.xxx.xx

Homeowners Insurance (by Sharon [CT]) Apr 14, 2024 5:42 PM

The Mortgage Company is Rushmore --66.30.xx.xxx

Homeowners Insurance (by Ray-N-Pa [PA]) Apr 15, 2024 7:43 AM

If I were you, I would reach out to my state rep and see if this mortgage company is state regulated or not. If it is I would let the mortgage company know I was in the process of filing a complaint at the state level about this mishap and ask them to correct the issue within the next 30 days.

If you don't get the answer you need, make sure the state is aware that their system is broken. If that still does not get the response you feel is just, file with the local justice --24.101.xxx.xxx

Homeowners Insurance (by MikeA [TX]) Apr 15, 2024 10:26 AM

I'm with Ray, work the political angle. Most states have oversight on this. The other option is to seek legal advice. In essence, the new mortgage company cost you money and time. Probably grounds for legal action. --209.205.xxx.xx

Homeowners Insurance (by Phil [OR]) Apr 17, 2024 11:05 AM

I just went through this also...but got mine reinstated. I'm going to bill the mortgage company for my time to get it resolved. If they don't pay up, I will sue the CEO in small claims. Yup--you can do that. I have done it before and prevailed. --76.138.xxx.xxx

Click Here to send this discussion to a friend
Report discussion to Webmaster

Subject: RE: Homeowners Insurance
Your Name:
Your State:


Would you like to be notified via email when somebody replies to this thread?
If so, you must include your valid email address here. By entering your email address here, you agree to receive notification from Mrlandlord.com every time anyone replies to "this" thread. You will receive response notifications for up to one week following the original post. Your email address will not be visible.
Email Address: