Are you all set to compare home insurance rates? Here’s an important fact to remember: You’ll get lower home insurance quotes if you choose to pay your premiums yearly and not monthly. Your insurance carrier sends 12 notices for monthly payments as opposed to one for yearly payments. This increases their overhead.
If you include the fact that each check you give is seen as a transaction by their bankers, you’ll see that they still spend some more on transaction charges for each check you pay in. twelve checks mean 12 transactions which attract 12 different transaction charges. These and other costs so incurred by your insurer are ultimately borne by you, the insured..
As a result, you will get lower premiums if you choose to pay your premiums anually. The actual amount you could save may differ but you may be able to save up to a month’s premium worth with most insurers if you settle for this option.
