DID YOUR BANK NAME/OWNERSHIP CHANGE?

By December 15, 2011 Personal Insurance

With mergers and acquisitions occuring on a regular basis, the answer is probably yes.  While it’s important to update your own records with the change, promptly notifying your insurance carrier can save you a lot of hassle. 

If your homeowners insurance premium is escrowed through your financial instution, a name/ownership change may also affect where premium invoices should be mailed.  Making sure your your insurance provider has the correct information will avoid any late payment or potential cancellation problems.  In the event of a claim, settlement payment is often issued to the insured and any lien holder (including those on automobiles).  Again, having the appropriate information can save everyone time and aggravation. 

Not sure how your mortgagee is listed on your homeowners policy?  Need to change or remove a lien holder form your auto policy?  Call your agent for assistance.