Do you include escrow payment in your mortgage payment?

You can always shop around for a different home owner's policy if you want. The policy choice is yours.

Whether or not you pay that policy yourself directly or pay it via escrow through the mortgage holder is probably up to you, the cost should be the same in the end.

The reason it's frequently done through escrow is the mortgage company requires you to have home owners insurance as part of conditions of the loan.

If it's not done through escrow you'll have ot furnish them proof of insurance when you get it.

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Saved me quite a bit of money and headaches

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how so?

I pay insurance and taxes myself, mortgage companies suck at their jobs and mess up making those payments properly too often for me to trust them.

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Saved me quite a bit of money and headaches

how so?

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Mortgage company usually requires a cushion of $400-500 so they don't run short when your taxes or insurance goes up. Also, when that low threshold is breached, then you have to pay to replenish AND pay for the increase in the next year. I'd rather let them take care of it, although it probably wouldn't be too much of an adjustment since I already have an account set up for SE taxes- I suppose I could just put my escrow payments there instead of in my mortgage. Never really thought about it before.

I don't 'need' someone to hold or manage that money for me I can pay it myself. Escrow accounts on mortgage are usually a mess having either way more than you need or less than you need which causes issues. Request to get rid of escrow account and pay property tax, insurance, etc yourself.

After my mortgage company didn’t send my homeowners payment to the insurance company and I nearly lost coverage that I was grandfathered in bc no new policies were being written in my area, I decided to handle homeowners insurance and prop taxes on my own. So no, I don’t do escrow with my mortgage

Mine has been escrowed for 20+ years now....have had no problems. I do check homeowners rates each year when my annual premium comes up to try to find either a less expensive policy, or make adjustments to the current one to lower the increase which is usually what happens.

I did not when I had a mortgage but am now debt free. No worries.

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If you “escrow $2k a month for insurance and taxes you’re saving like $200 a year. I guess we have a different definition of “quite a bit” of money.

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And over the last 10 years that would be $2k.

And dont forget to add I get to pay those items with a credit card that earns 2% or 2.5% cash back.