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Senz Redieske Insurance Agency, Inc.

630 E Grand Avenue
Beloit, WI 53511

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Am I Permitted to Change Home Insurance Providers With a Mortgage?

If you’re paying off a mortgage, you might assume you’re locked into the home insurance policy you started with. Fortunately, that’s not the case. Even with an active loan, homeowners are free to change insurance providers, as long as specific steps are followed. Your insurance agent at Senz Insurance Agency Inc, serving Beloit, WI, explains:

Your Lender Cares About Coverage, Not the Company

Mortgage lenders require you to carry home insurance to protect their financial interest in the property, but they don’t require you to use a specific provider. What matters most is that the coverage remains active, meets the lender’s minimum requirements, and names them as a loss payee on the policy.

If you switch providers, you’ll need to inform your mortgage company and ensure your new insurer sends proof of coverage directly to them. Skipping this step could result in delays or the lender purchasing costly force-placed insurance on your behalf.

Timing and Escrow Account Coordination

If you pay for insurance through an escrow account, the transition requires a bit more coordination. First, confirm your new policy is active before canceling the old one. Then, notify your mortgage servicer so they can direct future escrow payments to the correct insurer.

In some cases, you may need to pay the new premium out of pocket and request a refund or adjustment once the escrow account is updated. While it takes a little extra effort, the long-term savings or improved coverage can make it worthwhile.

Freedom to Find Better Coverage

Switching providers mid-loan allows you to shop for better rates, improved coverage, or better customer service. Be sure to keep your lender informed throughout the process. A smooth transition protects both your property and your loan while giving you more control over your policy. Contact Senz Insurance Agency Inc., serving Beloit, WI, to learn more.

Home Insurance 101: Should I Update My Insurance Following a Home Renovation Project?

One of the joys of homeownership is the freedom to personalize your space. Whether it’s remodeling a basement into an entertainment room or extra bedroom, building an addition, or installing a deck or swimming pool, our homes are a reflection of our choices. However, revisiting your home insurance policy after any home renovation project is crucial. Keeping your home insurance policy up-to-date is essential, which is why homeowners in and around the Beloit, WI area trust the experienced team at Senz Insurance Agency Inc. for their home insurance needs.

The Importance of Updating Your Insurance After Home Renovations

Home renovations can either have no impact or significantly increase the value of your home. Improving the resale value of your house and ensuring that your home insurance policy adequately protects your home are key reasons to discuss any changes to your home with your agent. Working with an experienced and knowledgeable agent will help ensure that your home and any renovations are accurately reflected and covered under your policy or if you need to adjust your current home insurance plan.

Home Insurance Solutions for Wisconsin Homeowners

If you live in the Beloit, WI area and have questions about home insurance or need insurance for your home, we’re here to help. Contact us to learn more and schedule an appointment for the protection your home needs at Senz Insurance Agency today.

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