When you take a mortgage out on your house and put down less than 20% of the purchase price as a down payment, your lender may open and manage an escrow account, which holds cash for specific home-related expenses like property taxes and your homeowners insurance. When you pay your monthly mortgage payment, the amount you're billed includes the cost of these expenses. Your lender disperses the money accordingly through your escrow.

Inform your mortgage company of your insurance change so they can direct homeowners insurance payments from your escrow account to the correct insurer.

Simply send a copy of your homeowners insurance declarations page and your former policy's cancellation notice to your lender.