Homeowners Insurance is in fact paid in advance; this is not specific to home insurance; insurance is a prepaid service of security. However, depending on the insurance carrier, you will most probably be offered multiple payment plans spanning from Annual to Monthly payments.
There are few carriers that specifically offer a 'Paid In Full' discount for those that prepay the annual premium; if you bump into one of these plans only with select carriers, it would be well worth going with that plan even if the policy premium is slightly greater.
You may review options at: http://hdainsurance.com
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
The principle of insurance is that premiums are paid before coverage begins and claims are paid when it ends. Of course, it doesn’t always work exactly like that but homeowner’s policies are always prepaid. If this is the first policy you are buying on a home you have just purchased the title company will take the initial premium out of the closing unless you can show proof that it is has already been paid.
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There are few carriers that specifically offer a 'Paid In Full' discount for those that prepay the annual premium; if you bump into one of these plans only with select carriers, it would be well worth going with that plan even if the policy premium is slightly greater.
You may review options at: http://hdainsurance.com