Escrow Your Homeowner's Insurance
How To Pay Your Annual Insurance Premium in Your Mortgage Payments
Whether you are a first-time homebuyer, buying a new home as an existing Allstate homeowner, transferring to Allstate from another insurer or are refinancing, insurance escrow is often a convenient option to help you pay your homeowner's insurance premium.
(If you are purchasing a condominium or townhome, many lenders don't offer the option to escrow your condo or townhome insurance because they consider insuring it to generally be an option but not a requirement.)
Did you know...?
- Mortgage lenders usually require you to carry an appropriate level of coverage on your home.
- Homeowners insurance is always paid in advance, and typically an entire year at a time.
- Your first year's premium must be paid to us (and many insurers) by you before closing on your purchase.
- We can communicate with your lender on your behalf to help make sure that all the information and coverages meet the lender's requirements. It may help save you from any extra surprises at closing.
This option can make it easy to spread your annual homeowners insurance premium throughout your monthly mortgage payments when you escrow it through your lender.
Contact an Allstate agent for more information.
If you choose to have your lender escrow your insurance premiums, we will bill your mortgage company for your annual renewal premiums, and your lender will pay us directly out of your escrow account when the annual premium is due.
Switching Your Current Escrow Insurance Carrier to Allstate
If you are a homeowner with an existing insurance escrow, or you are purchasing a new home and transferring to Allstate from another insurer, we can coordinate your new Allstate policy and premium with your lender - and help take care of the switching process for you.
Refinancing and Continuing Insurance Escrow with Allstate
If you are refinancing with a new or current lender, simply let us know who the lender is, and the account number for your new loan. We will update your policy to reflect the proper mortgage company (your refinancing lender) and the new account number for that mortgage loan.
The availability, qualifications and amounts of these coverages, discounts and/or services may vary from state to state. In addition, other terms, conditions and exclusions not described above may apply, and total savings may vary depending on the coverages purchased. In some states, we may offer coverages and discounts that are not listed here. For more information regarding your eligibility for certain coverages, services and savings opportunities, please contact your Allstate agent.