How to avoid having to pay for the mortgage insurance that’s in your name
This is a guest post by Jason Reifler, VP of Finance for Home Insurance and Risk.
Jason and I recently had the pleasure of meeting with an individual who had just signed up for a home insurance policy, and we’re here to share some important tips on how to make the best decision for your situation.
If you have a house insurance policy that’s purchased through Progressive Insurance, there are a few things you should know before signing up for it.
The most important thing is to understand that this policy is only for homeowners, and the home is your primary residence.
In order to receive the full value of the policy, you’ll need to pay the full premium, or as close to it as you can afford.
If you can’t afford that, Progressive has an alternative option, called the National Mortgage Insurance Program (NMIP), which will provide the same level of coverage, but with lower deductibles.
If your home is a condo, you will need to check with your condo manager for any additional costs, including property taxes and insurance premiums.
You will also need to make sure you have the right type of insurance.
There are two types of homeowner policies that can be purchased through the Progressive insurance program.
The first is a simple homeowner policy, which provides coverage for a maximum of $5,000 per month.
This is for people who own a house, and are paying for it directly through their income.
If your home does not have a garage, it is likely to have a higher deductible.
The second type of homeowner policy is a variable homeowner policy.
The maximum coverage is limited to $5 million per month, with a $2,000 deductible per month for a homeowner who owns a house.
The two types have a very different price tag.
Variable homeowners can have a much higher deductible, which is why you’ll want to do your homework before signing on for one.
This can help you compare the value of different types of policies before signing the contract.
If there are any additional expenses associated with your home, like maintenance and repairs, you can choose a cheaper homeowners insurance plan.
Progressive offers two different policies, both of which include the same types of coverage for up to $2 million per year, and a $3,000 monthly deductible.
This policy offers lower premiums, but also lower deductables.
If these are your first home insurance policies, you may want to look into a variable policy first.
If that doesn’t work out, the Progressive Preferred option will offer you the best coverage, with lower premiums and lower deductives.
To get the best price on a home policy, look for the name on the back of the mortgage, and then take the following steps.
First, ask yourself whether or not you have enough money to cover the full amount of your mortgage payment, even if you are able to reduce your monthly payments to $10,000.
If so, then Progressive is the best choice.
If this is the case, you should contact your insurance company and get them to negotiate a lower price with you.
If this is not the case and you still can’t agree, you need to ask Progressive to extend your mortgage to cover additional costs.
If the company is unwilling to do so, you have two options.
You can apply to Progressive for a new policy and request that the premium be reduced to $1,500.
If approved, you then pay Progressive a new fee of $1 per month that will increase the maximum coverage to $4,000, and deductibles will be reduced from $5 to $3.
If Progressive doesn’t want to extend the mortgage to your new policy, they will instead cancel your existing policy, but not cancel your auto insurance.
Progressive will pay your auto insurer a flat fee of 10% of your monthly premium for up the length of the extension.
Progressive also provides a discount on their policy renewal fee.
In the event that you do not want to pay this fee, Progressive can pay the $1.50 per month renewal fee directly to your bank account, so long as you agree to pay Progressive’s renewal fee at the same time you sign up for the new policy.
Progressive recommends that you make your savings up to 10% in a single year before signing a new home insurance contract.
As long as your savings are sufficient, you don’t have to worry about a big gap between your monthly payment and the premium you will be paying.
You will only need to worry if you have to pay a $1 premium on your home mortgage to offset the deductible of the other $1 million that you’re going to be paying for the home.
In addition to being able to pay off your mortgage in one fell swoop, you also have the option to make it easy on yourself by making the monthly payment more flexible.
This could be by opting to make your payments in two separate installments, or by making monthly payments less frequent.