3 Easy Steps To Check How Much You’re Paying For Homeowner’s Insurance

What I want to talk about today is your escrow account and how it affects your Home Insurance and about how I get a lot of clients that don’t know how much they’re paying for homeowner’s insurance and thus, they’re not aware whether they need to shop or not.

Paying Homeowner’s Insurance Through Escrow

When most people get a mortgage, part of their mortgage is going to be an escrow account which means every time you make that mortgage payment, part of that money, normally several $100 a month, is going into an account that’s going to pay for your taxes one to two times a year and your insurance once a year.

3 Easy Steps To Check How Much You’re Paying

Many home buyers don’t know how much they’re paying for their home insurance because it’s that whole out of sight, out of mind. So, I’ve got a challenge for you over the next couple of weeks.

1. The next time you get your mortgage bill, go ahead and look at your mortgage bill.
2. You’ll see your escrow statement on the bill, where they’ve got the amount broken down, between your taxes and your home, or even just your total escrow.
3. When you take that escrow, multiply it by 12. That’s how much you’re paying for taxes and home insurance. If that number seems really big, it’s a great time to reach to a local independent insurance agent or reach out to me.

Overpaying For Your Homeowner’s Insurance

I just had another client that I was working with. We saved him $1,200 a year on his homeowner’s insurance. He had no idea he was overpaying for his insurance. His auto insurance is almost the same price between his old and this new insurance carrier.

He was happy with his auto insurance premium, but waiting and not knowing how high his homeowner’s insurance was, got his attention.

Get Help From A Local Independent Insurance Agent

So that’s what my challenge is, looking at your next mortgage statement. Then, multiply your escrow by 12. If that number seems really big to you, reach out to me. Of course, you can always reach me at Jason@303Insurance.com or 303-506-2755, and we’ll talk to you soon.