Home Insurance Premiums 101: FAQs About Costs Involved

Insurance Blog

When you buy a house for the very first time, you are going to get a crash course in several topics you've never dealt with before, and home insurance is no doubt going to be one of them. Your biggest concern is likely going to be the cost of this new premium you've never had to pay. Take a look at common cost questions homeowners have about house insurance. 

What does the average homeowner pay for home insurance? 

Pinning down exact estimates for home insurance on an average scale is hard because every home is so different from the next, and the premium prices paid vary pretty dramatically. Zillow states that you should expect to pay something like $35 per month for every $100,000 of your home's value, which is a really broad reference but can give you an idea. There are many factors that will determine how much you pay in the end, such as the age of your home, your location, your proximity to perceived threats to your home, how you heat and cool your home, and more. 

How can you keep your homeowner's insurance as low as possible?

Saving money on home insurance is a little trickier than saving money on your auto insurance. There are fewer things to adjust to help bring your premiums down because a home's value is not something that can really be adjusted and more often than not, proposed risks that drive up premiums are not in the control of the homeowner. For instance, if you live in a hurricane-prone area, your insurance rates may be higher. A few things you can do include: 

  • Comparing rates among different companies on a regular basis
  • Having an agent physically do an assessment of your home to rectify any problems with apparent risks 
  • Adjusting your deductibles and coverage limits 

Is it possible to pay your home insurance with your mortgage payment?

It is not only possible for homeowners to lump their home insurance in with their mortgage payment, but this is also actually a preference for some lenders. When the insurance is included with monthly payments, the lender can be assured that the premiums are paid and the home is protected. If you like the idea of having both payments lumped together, talk to your lender. They may be able to incorporate the home insurance premiums in with your mortgage payments to help you out. 


29 June 2019

Finding Better Insurance

I have always been someone who loves to work hard for what they have, which is why I started paying attention to how I was protecting my investments. I realized that although I had great medical and dental insurance, my car needed a little extra protection. I started working hard to find an insurance policy that would work well for my needs, and before I knew it, I was able to sign up for a new policy. This blog is all about choosing a car insurance policy that works well for you and your family, so that you don't have to worry about falling short.