Ignite FB Tracking PixelWhat is a homeowner insurance premium? - Evelyn Forston
Keller Williams Realty River Cities
Evelyn Forston, Keller Williams Realty River CitiesPhone: (205) 901-6756
Email: [email protected]

What is a homeowner insurance premium?

by Evelyn Forston 02/05/2024

sidewalk with text about homeowners insurance

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

Evelyn Forston

Hi, I'm Evelyn Forston and I'd love to assist you! Life is full of transitions… it changes, and we change with it. Whether it’s coming together with another person to spend your life together, loved ones moving on or moving in, I’m here to help you! I understand it. From picking out my favorite items to keep, to filling a home with furniture, I know what it’s like. I’ve done it and I understand it. I know what it’s like to buy your first home by yourself, to sell your home, to move to a bigger home and build a life with someone. If you’re ready to downsize and move to an apartment or smaller home, I’m here to help! I've done that as well! If you want a home that is your sanctuary or a lively home teaming with activity, my goal is to help you satisfy your functional, financial and aesthetic needs in a home. I’m here for you, from your first home to forever home!

Additionally, I love aiding my clients in buying/selling/leasing commercial property. Reach out to me if you need a professional to assist you!

Call me at 205-901-6756

I'd be honored to put my Real Estate experience to work for you!