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Message
Home Insurance Question
Posted on 7/12/14 at 3:23 pm
Posted on 7/12/14 at 3:23 pm
I have my mortgage insurance through Mississippi Farm Bureau and will be beginning my second year with them next month. Last year, my insurance was always taken out with my mortgage payments on the first of the month. Today, I received a packet in the mail saying I owe $680 for the next policy term and it is due 8/6/2014.
Am I supposed to pay this or is this simply the total amount I will pay in the next calendar year and divided by 12 months? I am very new to this and simply do not have the experience to understand why it would just not continue to be the same.
Am I supposed to pay this or is this simply the total amount I will pay in the next calendar year and divided by 12 months? I am very new to this and simply do not have the experience to understand why it would just not continue to be the same.
2
Posted on 7/12/14 at 3:32 pm to House_of Cards
Should be the total amount you will pay in the next calendar year.
SF sends me annual premium amt every August & it's paid by mortgage co.
SF sends me annual premium amt every August & it's paid by mortgage co.
Posted on 7/12/14 at 3:36 pm to House_of Cards
quote:
I received a packet in the mail saying I owe $680 for the next policy term and it is due 8/6/2014
Since you said packet, it sounds like your renewal. Does it include your declarations page describing your coverages and deductibles? If it's your renewal, then it's notifying you what you're paying for insurance through your mortgage company and everything is still the same.
Posted on 7/12/14 at 3:42 pm to Shadowlink
quote:
Does it include your declarations page describing your coverages and deductibles?
Yes, it does.
quote:
If it's your renewal, then it's notifying you what you're paying for insurance through your mortgage company and everything is still the same.
Ok, cool. So, I don't have to do anything then? This is just an update of my policy...
Posted on 7/12/14 at 4:10 pm to House_of Cards
quote:
This is just an update of my policy
Yep.
Posted on 7/12/14 at 4:31 pm to Shadowlink
I appreciate the help. Got kind of panicky and confused seeing it come in and needed that clarification. 
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