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
Wendy Wiegand
As a premier real estate agent in Carlsbad, I’m here to provide you with all the resources and information you need to buy or sell real estate. I work with buyers and sellers in Carlsbad, Encinitas, Oceanside, San Marcos, Vista and the surrounding areas and I’ve had extensive training in the latest real estate marketing strategies. I’m confident that I can offer you knowledge and tools most other agents can’t.
I believe in service, both to my clients and our community. When working with clients, you can be assured I am focused on providing the most comprehensive and dedicated effort so that you can achieve the best results possible when buying or selling real estate. I am also deeply involved in serving our community, as you and I all call it home. I have been a member of Rotary since 2003, have been an active member of the Carlsbad Chamber of Commerce since 2006, and serve on the board of the Agua Hedionda Lagoon Foundation. Perhaps my even deeper service to my clients and our community is Wiegand Realty’s participation in Business for a Cause.
Contact me so I can keep you updated on the latest real estate activities in our community and answer any questions you may have.
Thanks and I look forward to assisting in all of your real estate needs!
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