You’ve paid off a loan; congratulations! Before celebrating one less loan payment, there is an important, often forgotten, step you need to take with your insurance policy. Did you know that your insurance agent should be notified once you paid off a loan? Joel Harmoning, Owner and Licensed Career Agent of Harmoning Agency, provides insight on next steps after paying off car loans and home mortgages.
What are some of the questions that we are often asked? Let your insurance agent know when you pay off the lean on your vehicle or the mortgage on your house. Most of the time your lender does not let us know. Then if you have a claim, the claim check could be made payable to you and the bank. So let your insurance agent know things are paid off.
For more money saving tips on auto and home insurance, check out our news webpages or contact us today!