Insurance checklist · Free download
Insurance Policy Switch Escrow Handoff Checklist
Coordinate the old carrier, new carrier, mortgagee clause, premium payment, cancellation date, and any old-policy refund when homeowners insurance changes mid-escrow year.
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Actual first-page previewInsurance Policy Switch Escrow Handoff Checklist
Before you fill it out
What this resource helps you document
Coordinate the old carrier, new carrier, mortgagee clause, premium payment, cancellation date, and any old-policy refund when homeowners insurance changes mid-escrow year.
01Old policy closeout
02New policy setup
03Mortgagee clause
04Premium funding
05Refund destination
Federal baseline to check
Use the form with the rule, not instead of the rule.
These templates organize facts and records. They do not create a borrower right that the underlying regulation, loan terms, investor rules, or state law does not provide.
- A change of insurer can create two separate escrow events: payment of the new premium and a refund/credit from the old policy. They should be tracked independently.
- When the servicer knows the premium charge for the next computation year, the known amount should be used in the escrow estimate.
- For escrowed insurance disbursements, the servicer's timely-payment duty is separate from the insurer's policy-cancellation/refund process.
Use this resource carefully
- Do not cancel the old policy before confirming the new policy is effective and the mortgagee clause is correct; a coverage gap can trigger force-placed insurance concerns.
- If the old carrier sends a refund to you, ask the servicer whether and how it should be applied to escrow before assuming the refund is yours to spend.
- Save the new declarations page, invoice, proof the servicer accepted the policy, and any premium disbursement confirmation as one handoff packet.