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Can I pay home insurance yearly?
I’m a new homeowner currently looking at different quotes for home insurance. I’d prefer to pay the premiums upfront so that I can stick to my monthly budget. Can I pay home insurance yearly?
Sadie Lovemore · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on the new home! The short answer is yes, you can pay home insurance yearly. There are huge benefits to paying your home insurance premiums annually—especially the fact that you can generally enjoy a lower rate.
If you’re paying out of pocket, you have the flexibility to choose how you pay your home insurance: in annual, quarterly, or monthly increments. On the flip side, if your home insurance is factored into your mortgage payment, lenders often prefer annual payments, at least during the first year.
- Paying once a year saves you on monthly administrative fees.
- Annual payments tend to get you a lower rate. Home insurance companies charge extra when they have to wait to get your money—even if it’s just a nominal fee. Many people opt for monthly payments just because they appear lower.
- Convenience. You get the bill out of the way for the whole year! As you said, this can help make monthly budgeting easier.
- No late fees, which can be burdensome if you forget to make a monthly payment or are waiting on a late paycheck.
Since you’re shopping around for home insurance, licensed broker
Jerry
is here to offer a helping hand. Sign-up only takes 45 seconds, and you’ll get affordable quotes from top providers almost instantly. Don’t sacrifice your time or your coverage—let Jerry do all the hard work for you!View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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