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What is escrow for home insurance?
I’m looking into buying my first home and have never heard of escrow for home insurance until now. What is escrow for home insurance?
Anthony William · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The home buying process can be intimidating, but you are going about it the right way by examining each step closely and carefully.
An escrow for
home insurance
is an account set up for the payment of your home insurance and other taxes. When you purchase a home, your mortgage lender sets up an escrow account for you. Every month, a portion of your mortgage payment goes into your escrow to pay for things like home insurance, property taxes, and other fees.
Since your home insurance is paid for using your escrow account, you’d give your lender’s information to your home insurance company. From there, your lender would pay your home insurance bill directly from that account. While it seems like a complicated process, it’s actually quite easy once you get it set up!
If you want to know more about what home insurance options exist for when you get to that stage in your home buying journey, explore your options with
Jerry
.
Jerry is the easiest and most effective way to find a home or renters insurance policy that is customized for you. You can even bundle your policy with your car insurance for the most savings. After providing you with a comprehensive cross-analysis of the best policies across providers, Jerry will handle the phone calls, paperwork, and renewals for your top pick so that you don’t have to.
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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