Switched carriers, agent sent me an e-mail saying the policies have been issued effective Sept 4. I called my previous carrier and cancelled effective Sept 4, since the new policy will go into effect then. Mortgage company has yet to receive paperwork from my new carrier.
Did I fuck up, or am I good since the policy has been issued with an effective date the same as when my previous carriers cancels?
New home owners policy goes in effect tomorrow
byu/Uptown-Toodeloo inInsurance
Posted by Uptown-Toodeloo
4 Comments
No, that’s exactly what you were supposed to do.
You are fine. Just tell your agent to send the updated declarations to your lender
If your insurance premium is paid by the mortgage company it’s best to notify them NOW and let them know you switched, otherwise they could still pay your old policy, then your new policy gets cancelled for non-payment, then it gets messy.
If you pay, then it will take a few weeks, maybe months, for your mortgage company to realize what happened. Their bots will be looking out for your old policy information and not seeing any will trigger some notices to you. OR they see the cancellation confirmation that will trigger different set of notices to you.
Should be fine. Banks take a while to process stuff. Just be sure that you or the agent sent them docs.