An escrow account is an account that your mortgage company sets up to hold money which is then used to pay your taxes and insurance on time.
Every month when you pay your mortgage payment, a portion of that is being put into the escrow account. This is just an easy way for you to pay your taxes and insurance. You may always elect to not set up an escrow account, but that means you will be in charge of paying your taxes and insurance yourself.
If you ever change your insurance policy you just need to alert your lender of the change and they will take care of the rest.
If you have additional questions, please give us a call at (801) 971-3956.