Why am I paying both PITI and a homeowners insurance premium?

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I pay $840 a month PITI and mortgage payment each month. Why am I also paying an insurance company to have insurance on my house?

Asked October 23, 2015

1 Answer


This may result from additional coverages that are not usually available from conventional insurance carriers. Major examples include contents coverage on a homeowner's personal property, such as furniture, consumer electronics products and expensive jewelry.

A more likely case is when a homeowner locates identical coverage as their current provider offers at a lower price from a competing carrier, but fails to cancel pre-existing coverage. Such an oversight is quite common and usually results from the premiums being paid to the lender as part of each monthly mortgage payment, rather than directly to the insurer.

If each homeowners' insurance policy provides some coverages that are not redundant, ask each carrier if other coverages may be omitted. That can help the homeowner retain all desired coverages without having to pay for superfluous or redundant coverages. Another possibility is to purchase desired coverages from an entirely different carrier altogether. Still another possibility is to ask your first insurer if additional desired coverages may be added to the existing policy as a rider."

Regardless of how or why the homeowner may be paying double insurance premiums, it is vital to rectify matters promptly. The first step is to compare both policies to identify different and duplicate coverages, decide which best suits their needs and promptly cancel the other coverage. Depending on case-specific circumstances, either or both carriers may be legally required to issue a refund.""

Answered October 28, 2015 by britt5689

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