When was the last time that you reviewed your NY homeowners insurance policy that is escrowed into your monthly mortgage payment? Was it just this year, or was it when you first took our your loan ten years ago?
If you cannot recall the last time you reviewed your NY homeowners insurance policy, you are not alone.
Most homeowners will have their insurance premiums escrowed, which means that the bank collects monthly premium payments and then remits payment directly to the insurance company on your behalf. The bank does this to ensure that your NY homeowners insurance remains active and does not cancel.
When the bank does this, however, most homeowners neglect to review their pricing and coverage on an annual basis. This can be costly and dangerous if your policy does not have the proper amount of replacement cost coverage on the home.
Check your next loan statement or go online now to see how much you are paying for your NY homeowners insurance.
If you are unsure what an appropriate premium is or if you have enough coverage, The Murray Group would be glad to provide you with a review and proposal. We will also make sure that you are getting the benefit of all discounts available, like bundling discounts, first time home buyer and alarm discounts.
And while you are at it, it is also an excellent time to double check your loan interest rate! Rates are still very low and you may be able to save additional money through a refinance. There are reputable mortgage brokers in our area, like Homestead Funding and Maple Tree Funding, who would welcome the opportunity to discuss rates with you.
As part of LiveSECURE 365™, The Murray Group is committed to bringing security to our partners lives. We endeavor to provide you with valuable tips and advice that you can apply in your daily life. Visit our website to watch all videos in the LiveSECURE video series.
If you prefer to call a member of our risk advisory team, our phone number is (518) 456-6688. You can also connect with The Murray Group further on The Murray Group Facebook Page.
If you are not quite ready to contact us about your insurance but enjoyed and/or found the information in this post useful, we would very much appreciate you posting a review on Google, Yelp or Facebook.
Disclaimer: This article is for informational purposely only. There is no legal advice being suggested or proffered and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information.