Home Insurance Refund Check
I recently discovered that my home insurance wasn’t renewed last year, and I received a refund check that I never cashed because I didn’t realize it wasn’t being renewed. I admit, I’m not great at keeping track of my mail. Does anyone know if I can still claim that refund even though it was a year ago? Also, my mortgage payment has remained unchanged for the entire year. Shouldn’t it have decreased with the insurance lapse?
Yes, you may still be owed the refund, but it really depends on the policies of your insurance company and state regulations regarding uncashed checks. Many companies have a specific period where you can cash the refund check, typically within a year, but it might also depend on the terms outlined in your policy agreement. I recommend reaching out to your insurance provider directly to explain the situation and ask about the options available to you.
As for your mortgage payment, it typically includes more than just your home insurance. The mortgage payment is often made up of principal, interest, property taxes, and homeowners insurance (PITI). If your insurance policy was canceled, that portion wouldn’t directly affect your payment unless your lender is escrowing for insurance premiums. You might want to check with your mortgage lender to see if your insurance costs were indeed included in your escrow account and if they can adjust your payment now that you no longer have that policy.