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Do you have to pay your home insurance policy upfront?
My husband and I are first-time homebuyers, and we’re finally closing on our dream house.
Kathryn Mae Kurlychek · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on your new house—and welcome to home ownership! The first year of your home insurance must be paid upfront when you close on the property. This upfront payment is required for the safety of your lender—and to help ensure you don’t fall behind on future payments!
After that, most homeowners pay their insurance through that escrow account—meaning their monthly mortgage payments include home insurance and taxes. The bank then makes the annual payment to the insurance company on their behalf.
However, this is optional and you can choose to make payments directly to your insurance company, they usually have several payment plan options.
If you’re looking for the right policy to protect your dream home,
Jerry
can help. In just 45 seconds, Jerry can generate competitive quotes from the top, name-brand providers—and you can use it right from your phone. Just download the app, answer a few questions, and let Jerry handle the rest! As a
trustworthy licensed broker
, Jerry will even gather your information from your past insurer, so you’re not responsible for any long forms of phone calls. View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
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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