How Do You Pay Homeowners Insurance?

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    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    Most homeowner’s policies are paid through an escrow account established by the lender.  Some borrowers can avoid the escrow account and pay the homeowner’s premium themselves.  Premiums for homeowner’s policies normally cover a one year term.  The premium is considered “fully earned” on the first day, however, most companies will cancel the policy pro-rate returning the portion of the policy that is unused.  
    Answered on March 17, 2014
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