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» Insurance » Am I paying my house insurance twice?!?!?
memberPosted by orion901 7 views.

Am I paying my house insurance twice?!?!?


I just purchased my first house in July 08 and I am set up on a escrow account. I have allstate insurance, but I am totally confused about what the escrow account pays. I thought it pays for my pmi, city taxes, and homeowners insurance. Is that wrong? Allstate sends me a bill online everymonth for $48 (which i pay online out of my bank account) are they being paid through my mortgage company too. Im confused Help me out here
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1 Comments :

member1 by Tim L 8 years ago.
Most escrow accounts pay your home owners insurance on an annual basis (once a year), not monthly. At your closing or shortly before you would have had to have paid for your first year of insurance (July 08 thru June 09). If you just paid for 1 month to start the policy your insurance will bill you monthly until July 09 when you can submit there bill to your escrow company to pay from July 09 thru June 10. So to answer your question yes you are kind of paying twice now but it is building in your escrow account till your anual bill come due.
Hope this helps
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Tags : Paying*(1285), Pay*(7426), House*(2232), Insurance*(40306), Twice*(106)

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