How do you get the best homeowners insurance rate?

To get the best homeowners insurance rate, you need to shop around. Compare multiple insurance companies because they each may have different criteria on how they adjust insurance rates. Don’t be afraid to talk to multiple insurance companies. Let them know you’re shopping around and looking for a good rate. Also, research the type of insurance coverage you want. Just because one company offers a lower rate doesn’t mean it’s a better idea. Compare the rates, but also compare the coverage. The last thing you want to do is skimp on coverage and then end up regretting it due to a damaging disaster.

Is paying the annual premium cheaper than paying monthly?

In general, homeowners insurance companies charge extra for homeowners to pay insurance monthly. However, most homeowners with mortgages pay their homeowners insurance with an escrow account. With an escrow account, a portion of your monthly mortgage payment is put aside in an account for paying homeowners insurance, as well as property taxes. Your mortgage lender then pays the homeowners insurance premium yearly. If you don’t have a mortgage, you may be able to elect to pay your homeowners insurance monthly. Just know that this can come with an increase in cost, often in the form of processing fees.

How can I save on my homeowners insurance policy?

You can reduce your coverage, raise your deductible, live in a less risky area, improve your credit score, or move to a more affordable house. All of these can help you save on your homeowners insurance policy. However, the easiest way to reduce your policy may be to shop around. You may be able to get a cheaper rate if you bundle your home and auto insurance policies with the same company. Other discounts you should look into include a paperless billing discount and a discount for adding home security.

How Much Is Homeowners Insurance?