Definition Series for the Insurance Illiterate: Premiums

Definition of a Premium [pree-mee-uh m] // an amount of money paid to an insurance company in return for an insurance policy. It’s a money transaction. A “buy this get that” situation. EXAMPLE OF PREMIUM “Hi, I’m Steve. I’m kind of new to this. I was getting a quote on

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Definition of a Premium [pree-mee-uh m]

// an amount of money paid to an insurance company in return for an insurance policy.

It’s a money transaction. A “buy this get that” situation.

EXAMPLE OF PREMIUM

“Hi, I’m Steve. I’m kind of new to this. I was getting a quote on my home and it said my premium is $158.00 per month. What does that mean?”

INSURELY SAYS…

This means that Steve’s premium (amount he pays for coverage) is $158.00 per month for the entire policy term (1 year). Hot Tip: If you can afford to pay the entire premium, you will usually receive a small discount or often forgo financing fees, so make sure you check!

At Insurely, you can use a debit or credit card to make monthly payments, letting you rack up those points! CHA-CHING!

Looking to shop around? Head over to Insurely and get coverage today!

At Insurely, we believe in crafting policies that truly fit our clients’ lives. From comprehensive habitational insurance to expert advice, we’re here to make your insurance journey seamless and hassle-free.