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Does your mortgage company pay home insurance?
I’ve never bought a house before, so I’m not familiar with the process of paying for home insurance yet. Will my mortgage company pay for home insurance?
Melanie Mergen · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Generally speaking, it depends on your agreement with your mortgage lender. While your mortgage is separate from your homeowners insurance policy, it’s very common for your mortgage lender to set up an escrow account from which they’ll pay your home insurance and property taxes on your behalf.*
To further clarify, your lender won’t pay your
home insurance
for you. Your home insurance and property tax costs will be added to your monthly mortgage payment. Those funds will then be held in the escrow account until it’s time to pay them out. So, it’s still your money that’s going toward home insurance; your lender is just handling the payment for you.Good luck as you begin house hunting! When you’re ready to shop for a home insurance policy,
Jerry
can help make the process quick and easy. You can even bundle with your car insurance for added savings!All you have to do is answer a few questions, and Jerry will show you competitive quotes from top insurance providers, including Allstate, Nationwide, and Progressive. From there, you can compare coverage options to find the right policy for you at the right price. On average, Jerry users save $887 per year on their car insurance.
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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