Can My Mortgage Lender Tell Me What Home Insurance Provider To Buy From?

In Baton Rouge, LA, your mortgage lender has some degree of say in your home insurance. They can require that you carry insurance until the loan is paid off, they can require that you carry a certain amount of home insurance protection, but they can’t tell you who to buy from.

That said, either your lender can decide on a home insurance provider if you allow them to, your lender can recommend a certain provider to you, and your lender can buy the policy themselves and add it to your mortgage payments if you do not carry home insurance. Experts will advise against all three of these options.

Your lender isn’t concerned with the premiums you’re going to be paying, they just need to know that you’re insured. They’re not going to be shopping around with your best interests at heart, they just need to check that box off of the list.

If you want a good rate on a good policy, you need to take matters into your own hands. Get in touch with us at Insurance & Financial Services Inc. for your Baton Rouge, LA home insurance needs. We can compare quotes and get you the protection you need.

If you allow your mortgage lender to handle it, chances are they have an insurance company they already work with, and that’s who they’re going to pick, whether or not it’s the best choice for you. This is a decision that you need to be hands-on about. The vast majority of mortgage lenders will require that you carry some form of home insurance, but you have the freedom to decide who to buy from, and that’s the freedom that you need to exercise.

At Insurance & Financial Services Inc. we work for you. Call us or get in touch through our website and let’s get you covered with a policy that meets your needs.