Can I Pay My Homeowners Insurance Monthly?

  1. 730 POINTS
    Darald Novak AAI
    Retired Agent and Broker, Self Employed, Albany NY USA
    When you apply for insurance the payment method and frequency is established at inception. Many carriers offer a monthly payment and usually accept credit card, debit card, or automatic deduction from a checking or savings account. Masny carriers may allow you to change payment methods and frequency for your policy (or policies) mid-term.   Make sure the current method of payment is terminated and your new payment method is activated (especially if you change insurance carriers). Get copies of all transaction documents (authorizations, cancellation requests, cancellation acknowledgements, applications, binders etc.)  and keep them on file.
    Answered on May 21, 2014
    flag this answer
  2. 21750 POINTS
    Jim Winkler
    CEO/Owner, Winkler Financial Group, Houston, Texas
    That is an excellent question! Most forms of insurance will allow for several payment modes. Most common are monthly, quarterly, semi-annual, and annual. If you are currently not making a monthly payment, ask your agent to switch your billing mode, they should not have a problem doing so for you. Thanks for asking!
    Answered on May 21, 2014
    flag this answer
  3. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    Most insurance companies provide a facility to pay monthly, usually by electronic transfer of funds from a checking account or credit card.  There can be misunderstandings when the premium is paid monthly because the assumption is that the premium will be paid on the first day of the policy.  What can happen is a customer can miss a payment and that sends the policy into lapse, which is a terrible thing because the mortgage company can then place insurance on the house that protects their interests and might be something you wouldn’t have wanted.  To top that off, you might still owe additional premium because the policy probably will remain in force for a few days while the company notifies you of the cancellation.
    Answered on May 21, 2014
    flag this answer
  4. 14231 POINTS
    Tom Sheehan
    Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
    Most companies offer an array of payment options and yes, monthly is usually one of those options.  In many cases you can choose to receive a bill by mail, set up a paperless billing system that will usually include an automatic electronic funds transfer (EFT) directly from your checking account, or choose to have automatic installments charged to your bank card.
    Answered on May 21, 2014
    flag this answer
    5. Did you find these answers helpful?
    Yes
    No
    Go!

Add Your Answer To This Question

You must be logged in to add your answer.


<< Previous Question
Questions Home
Next Question >>