Ignite FB Tracking PixelPaying for a homeowners insurance premium: A beginners guide - Cassandre Hansen
Cassandre  Hansen
Cassandre Hansen, Lamacchia Realty, Inc.Phone: (508) 577-7434
Email: [email protected]

Paying for a homeowners insurance premium: A beginners guide

by Cassandre Hansen 02/19/2024

sidewalk with text about homeowners insurance

Many factors affect the cost of home premiums. Understanding them can help when choosing a policy fitting your budget. 

How much does the average homeowners insurance premium cost?

The average homeowners insurance premium is about $1,200 per year. This amount changes greatly based on numerous factors, like property characteristics, location, deductible, policy coverage and more. 

For example, you may have an older home, which can increase your monthly premium. Why? Older homes may be subject to more damages during perils due to the age of the materials used, wear and tear. 

How do I pay my homeowners insurance premiums?

There are two primary ways to pay insurance premiums: 

  • Your mortgage lender pays for the insurance on your behalf through an escrow account. 
  • You can pay funds directly to the insurance company and choose between different payment intervals. 

Do I have to pay homeowners insurance after closing?

How you pay for your home determines whether you have to pay for homeowners insurance costs immediately after closing. 

Typically, mortgage lenders usually require borrowers to pay insurance costs - which may be split - at closing through an escrow account. This amount is paid before and right at closing. 

How do I buy homeowners insurance?

You can purchase a policy online or over the phone. You can also speak with a live representative at a local insurance office near you. 

If you’re still unsure where to start searching for the right plan as a new homeowner, insurance premium information may be available from a connection in your real estate agent’s network.

About the Author
Author

Cassandre Hansen

Hi, I'm Cassandre Hansen and I'd love to assist you. Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my real estate experience to work for you.

A little about me

Currently licensed and covering the Southshore area of Massachusetts. I have over 20 years of retail banking management, small business lending and mortgage lending experience. 

I currently reside in Fall River area with my family. My hobbies are dance, martial arts, yoga, cooking, and volunteering time to my community and church. I love to travel and spend lots of quality time with my family.   

My goal is to help my clients receive a friendly, helpful, successful experience through out the real estate transaction.