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What Does Your House Choice Say About Which Avenger You Would Be? - Quicken Loans Zing Blog

For most of us, our house is our biggest and most valuable asset. It’s our shelter – our place to be safe and to call home. And for that reason, we want to keep it protected when disaster strikes. Homeowners insurance is a necessary way for us to keep our homes safe from the unpredictable.

A few things might cause you to change your homeowners insurance company.

First, you might switch homeowners insurance companies to save money. Shopping around for better policies is an important part of the process, and you should look for the best possible option.

The other common reason is that you want to increase or reduce your coverage in a way that cannot be done by your current homeowners insurance company. So, you begin the search for a company that can better meet your custom insurance needs.

Making the Switch

Whatever your reason is for switching, you’ll want to make this transition in the right way. Let’s take a moment, from the perspective of a Quicken Loans client, to go through the steps of changing your insurance carrier.

Step 1: Break Up with Your Carrier

If you decide to change insurance companies, you must let your old insurance carrier know that your policy needs to be cancelled. Don’t belabor this one – just rip it off like a bandage. Call your current insurer and break the bad news.

Step 2: Refund the Refund

If your old policy hasn’t ended when you cancel, you may receive a refund check from your now-previous carrier. Before you run to the mall and splurge on your wish list, take a few deep breaths and send that fully endorsed check to Quicken Loans.

Whoa, whoa, whoa! But that’s your refund! At a first glance, this can seem confusing. Let’s take a second to break down what’s really happening with this refund and how Quicken Loans is involved in the process.

When you get a mortgage with Quicken Loans, most clients have something called an escrow account. This is an account that’s set up by your mortgage lender. Quicken Loans, as a service to you, will pay your yearly homeowners insurance policy upfront. You’ll pay it back on a monthly basis as part of your regular mortgage payment. This way, your payments are more manageable.

But what does this have to do with your refund? Let’s say your yearly policy costs $1200. Quicken Loans pays that upfront, and you’ll pay in monthly increments of $100 as part of your escrow account. After three months (during which you paid $300 for homeowners insurance), you decide to change insurance companies, meaning you receive a refund from your previous carrier. Since you’ve only had the policy for three months, you will receive a refund for nine months of insurance payments ($900).


Step 3: Beware the Escrow Shortage

If you change homeowners insurance companies, Quicken Loans will again pay for your policy upfront. But if you didn’t send Quicken Loans the refunded check from your previous policy, you’ll need to pay for both the old policy and the new policy as part of your monthly mortgage payment.

This, in turn, could cause something called an escrow shortage, which basically means you don’t have enough money in your escrow account to pay for all of your insurance. This causes your monthly mortgage payment to increase the next time your annual escrow analysis is performed.

This is why sending your fully endorsed refund check to Quicken Loans, is usually easier. If you prefer, you can send a personal check for the amount of the refund you received instead.

Where Do I Send My Refund?

Once you’ve received your refund and your new policy, you should send those documents along with your loan number and property address to:

Quicken Loans, LLC. ISAOA
PO Box 202070
Florence, SC 29502

Alternatively, you can upload your new policy at My Coverage Info. Be sure to include your loan number and property address.

By doing this, you’ll be taking full advantage of your new policy and keeping your escrow account in check.

If you have questions about this policy or refund, or you’d like more information, feel free to reach out to Quicken Loans at (855) 282-8722, Monday – Friday, 8:30 a.m. – 9:00 p.m. ET, Saturday, 9:00 am – 4:00 pm ET.

Looking for a new mortgage? Contact a Home Loan Expert today!

This Post Has 26 Comments

  1. I have a new homeowners policy for our home. I have the policy number but not the documents yet to download. How do I verify with you that I have a new policy.

    1. Hi Veronica:

      I can get this to our Client Relations team to have them verify the information that we have on our end. Thank you for reaching out!

  2. I needed proof of insurance to apply for refinancing thru quicken. I needed proof of insurance to close my loan thru quicken in May,2020. Then why, 1 month later does quicken need proof of my insurance. And why, after REUPLOADING it, did I get a call from “Lucy” in September, 2020 telling me I needed…..again…..proof of insurance. And why, after spending 30 minutes on the phone with “Vanessa” today, and having her easily find proof of same, and then HER calling Quicken with me on a conference call and everybody agreeing that I do indeed have coverage, renewal payment is verified and scheduled………and two hours later I get ANOTHER call from “Lucy” telling me I need to provide proof of insurance or you will buy it for me. Nice little scam you’ve got going there.

    1. Hi Honu:

      I want to assure you that we don’t benefit by force placing homeowners insurance. However, I apologize for your poor experience. We’ll be looking into this. Thanks for reaching out!

  3. What if we get a non-renewal and can’t get home insurance from anyone due to the distance from the fire department (6.9 miles)? I know in our mortgage agreement it states Quicken will get insurance for you? Is there a number to call to start this process?


    1. Hi JC:

      I’m going to have someone from our client relations team reach out. That’s called force-placed homeowners insurance and you do pay for the policy. If you want to shop around, you might look and see if there’s another policy from your current carrier or with a different carrier you could utilize. I just want you to be aware of all of your options. Someone from our team will reach out, though. Thanks!

  4. I used an inexperienced insurance broker to find my policy before closing. We paid a three month premium into escrow at closing, and the following month found out our insurance provider was canceling coverage (the coverage had technically not been underwritten yet–I live in FL and apparently this is not unusual). We parted ways with our broker and found a provider that was nearly 30% cheaper for a comparable policy. I requested an off-cycle escrow analysis to reflect the lower cost insurance. After the analysis, I was told we have a shortfall in our escrow account. I’m now realizing I should have received a check back from the insurance company for the escrow payments. Should the payment have gone to myself, my broker, or Quicken? If my policy wasn’t underwritten yet, did I technically owe the original insurance company anything, or should I only expect a partial refund?

    1. Hi John:

      If they canceled the policy, I would think you should be getting a refund. But I’m going to get this to my friends in client relations who can have one of our homeowners insurance experts look into this for you. Thanks!

  5. We had a pretty large claim on our homeowners insurance due to a water pipe leak. The adjustment called for new cabinets in the kitchen but we saw no reason to do this. Now our insurance carrier has raised the premium and we are looking for another insurance company. Due to this past claim will the new insurance company inspect the house to make sure all repairs were made exactly as specified in the claim adjustment?

    1. Hi Edwaard:

      If you were given the money and didn’t use it toward the new cabinets specified in the claim, it may be reason for them to see that you didn’t do that and deny future coverage. If you didn’t opt to take the extra money to do it, you might be fine. I would ask the company what their policies are in any event.


  6. Please notify QL at your P.O. Box in Florence SC that I am fully covered and do not need their over priced, under assured policy mandated to me by QL. As I was only aware of who this P.O. Box ? Person was on April 4 … I will only owe them (who ever they are) for April 4 through April 21 so QL May charge me 17 days of coverage… so oh my you little QL trolls are zipping emails all over our US .. amazing!

    Thanks Kevin and have a blessed Monday!

    1. Hi Janice:

      I’m sorry you had this experience. I would like to note that the investor in your mortgage does need to protect their investment by requiring a minimum coverage amount. Therefore, if your insurance lapsed, we do have to pick it up by placing a policy, but I’m going to get this over to our client relations team to see what can be done now that you have insurance in place. Have a great day!


  7. I filled out a refi application with a new lender but did not sign any additional papers and told the new lender that I was no longer interested. I then found out that the potential new lender had changed my home owners insurance to their company without my knowledge or permission. What are my rights?

    1. Hi Talesha:

      I honestly can’t say I’ve ever heard of anything like that happening. I can tell you that the mortgage lender doesn’t even need proof of homeowners insurance normally until you actually close the loan. I would contact an attorney about this and see if you have a case to get some restitution of some sort or even contact your attorney general. You could start by talking to the lender and seeing if they will work with you to make it right.

      Kevin Graham

  8. I have switched HomeOwner insurance companies but have recently found that many neighbors are having roof replacements form a Hailstorm that occurred while under the previous insurer. Who do I file a claim with the prior insurance that was in effect at the date of the incident or the current insurer?

    1. Hi Vincent:

      You would have to file with the insurer that was in effect at the time of the hailstorm. You weren’t being covered by your current insurance at the time and that’s what they will tell you.

      Kevin Graham

  9. If I knew this before hand I would not have cashed the refund check. Now, because of this my morgage payment is more than it was before we decided to refiance our morgage with Quicken Loans®. I’m very disappointed. Plus, even after if we had the money to pay up front for the shortage our monthly payment still is higher than we need it to be.

    1. Hi Deborah:
      I’m sorry to hear you’ve had this experience. I’m going to have someone reach out to see if we can get this turned around.
      Kevin Graham

  10. I sent a check to this address over a month ago and the check has not been cashed. Getting ready to stop payment. What’s up?

    1. Hi Mike:

      I know that we recently switched insurance providers ourselves for our loan servicing. That may have something to do with it. I’m going to have someone look into this and we can figure out what happened here so we’ll get your check taken care of. Look for an email.

      Kevin Graham

  11. Good explanation of why you MIGHT want to send the check to Quicken BUT ….

    the “… take a few deep breaths and send that fully endorsed check to Quicken Loans®.” should continue on with the caveat “IF you have and escrow account associated with your Quicken mortgage that pays your homeowners insurance.”

    It is not true that “When you get a mortgage with Quicken Loans®, you’ll automatically have something called an escrow account.” Granted that is fairly typical and may even be the default but it is not automatic. I always decline the escrow account and manage my own home owners insurance & tax bills rather than commingling them with my mortgage.

    When it comes to changing my homeowners carrier it simply requires notifying Quicken of the change and making sure the new carrier shows Quick appropriately on the new policy.

    Have a wonderful Thanksgiving !

    1. Hi Jim:

      The regulations around this are complicated, but you are correct in stating that not all clients have an escrow account. We are working on getting the post updated. Thanks!

      Kevin Graham

    1. Hi Keith-

      Different mortgage companies may have different policies. While this may be true for some, it isn’t the case for every company. At QL for example, the homeowners insurance refund goes to the client.

      Kevin Graham

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