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Is home insurance paid in advance?
I am about to buy my first house. So excited! However, I’m confused about when I pay for homeowners insurance. Is this part of my closing costs? Will home insurance be paid in advance?
Nick Kunze · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on the new home. The first year of
homeowners insurance
can be paid in advance as part of your closing costs.Some lenders will include the first year of payments in your homeowners insurance policy into your closing costs or your mortgage payment. That means you’ll pay more upfront when buying the home but then won’t need to worry about your home insurance bill for an entire year!
Otherwise, it’s up to you how you want to pay for your homeowners insurance. You can pay for the entire year at once or monthly.
If you want to find the best possible insurance at a low price, you should download
Jerry
. A licensed broker, Jerry does all the hard work of finding cheap quotes from the top name-brand insurance companies and buying new home or renters insurance.And to ensure you always have the lowest rate, Jerry will send you new quotes every time your policy comes up for renewal, so you’re always getting the coverage you want at the best price.
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- Gregory R.
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