Need to ditch your escrow account insurance? A “Sample Letter To Cancel My Escrow Account Insurance” is what you need. It’s a formal request to your lender or mortgage servicer. You’ll use it when you want to pay property taxes and homeowners insurance directly.
Ready to write that letter? We’ve got you covered. This article provides sample letters. Use these templates as a guide.
We make it easy to write your own cancellation letter. Find the perfect example here. Customize it to fit your specific situation.
Sample Letter To Cancel My Escrow Account Insurance
Sample Letter To Cancel My Escrow Account Insurance
[Your Name]
[Your Address]
[Your Phone Number]
[Your Email Address]
[Date]
[Insurance Company Name]
[Insurance Company Address]
Subject: Cancellation of Escrow Account Insurance – Policy Number [Your Policy Number]
Dear [Insurance Company Name/Agent Name],
This letter is to formally request the cancellation of my escrow account insurance policy. My policy number is [Your Policy Number].
I would like the cancellation to be effective as of [Date you want the cancellation to be effective]. Please confirm the cancellation in writing, including the final date of coverage.
Please send any refund due to me to the address listed above.
Thank you for your time and attention to this matter.
Sincerely,
[Your Signature]
[Your Typed Name]
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How to Write Letter To Cancel My Escrow Account Insurance
Subject Line: A Concise Declaration
The subject line is your opening gambit. Keep it succinct and immediately informative. Examples:
- Request to Cancel Escrow Account Insurance
- Escrow Policy Cancellation – [Policy Number]
- Cancellation of Insurance Policy Held in Escrow
Salutation: Addressing the Right Person
Begin with a formal salutation, demonstrating respect and propriety. “Dear” is your go-to.
- If you know the name: “Dear Mr./Ms. [Last Name],”
- If the name is elusive: “Dear Escrow Department,” or “Dear Insurance Department,”
Introduction: Stating Your Intentions Clearly
The introductory paragraph should unequivocally state your desire to terminate the insurance policy linked to your escrow account. Specify the policy and account numbers.
Example:
“I am writing to formally request the cancellation of Insurance Policy Number [Policy Number], currently held in escrow account number [Escrow Account Number]. My homeowner’s insurance is now independently managed, rendering the escrow arrangement superfluous.”
Body: Providing Pertinent Details
The body elucidates the rationale behind your request. Mention the effective date for cancellation and any supporting documentation you are including.
- State when you want the cancellation to take effect.
- Explain briefly why you are cancelling (e.g., new insurance policy, refinancing).
- Mention any enclosed documentation (e.g., proof of new insurance).
Example:
“I request that this cancellation take effect no later than [Date]. My homeowner’s insurance is now handled independently under policy number [New Policy Number] with [New Insurance Company]. Enclosed is a copy of the new insurance declaration as corroboration.”
Requesting Confirmation: Ensuring Due Diligence
Politely request written confirmation of the cancellation and information regarding any potential refund.
Example:
“I would appreciate written confirmation of this cancellation at your earliest convenience. Kindly advise on the procedure for receiving any potential refund of unearned premiums.”
Closing: A Professional Farewell
Employ a professional closing. “Sincerely” or “Respectfully” are sound choices.
- Sincerely,
- Respectfully,
Followed by your typed name and signature above it.
Contact Information: Facilitating Communication
Provide your full name, address, phone number, and email address. Ensure these details are current and accurate to obviate any communication breakdowns.
Example:
[Your Full Name]
[Your Address]
[Your Phone Number]
[Your Email Address]
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Frequently Asked Questions: Canceling Your Escrow Account Insurance
This section addresses common inquiries regarding the process of canceling your insurance held within an escrow account. Please review the following questions and answers for guidance.
What does it mean to cancel my escrow account insurance?
Canceling your escrow account insurance means removing the insurance policy managed and paid for through your escrow account. This typically requires you to secure your own insurance policy independently.
When can I cancel my escrow account insurance?
You can typically cancel your escrow account insurance once you have provided proof of alternative insurance coverage that meets the lender’s requirements. Consult your lender for specific timing and documentation needs.
What information should I include in my sample letter?
Your letter should include your name, loan account number, property address, the insurance policy you are canceling, and confirmation that you have secured alternative insurance. Include effective dates and policy numbers for the new insurance.
Who should I send the cancellation letter to?
Send the cancellation letter to your mortgage lender or the institution managing your escrow account. Verify the correct address with your lender before sending.
What happens after I send the cancellation letter?
After sending the letter, your lender will review your request and the provided insurance documentation. If approved, they will cease paying the insurance premiums from your escrow account. Monitor your account statements for confirmation.