Have You Paid Off Your Home or Auto?

If you’ve paid off your mortgage or car loan, did you know that you should inform your insurance agent? Most people don’t know to do that until they have a claim and have to deal with the insurance company and bank to rectify the situation. If you have a loss and the bank is still listed on your home or auto policy, the claim check has to be written out to you AND the bank which leads to more work for you at a time that you don’t need the extra hassle. Once you receive the documentation that you have paid off the bank loan, get a copy to your Insurance Agent so that they can have the bank or lender removed from your policy to avoid having to deal with this at the time of a claim.