For most homeowners, it makes sense to refinance your house when you have enough equity in it, allowing for you to get the best deal you can for your monthly mortgage. Just as one would imagine, refinancing your house is a much larger deal than many may assume; you need to get an agent to look over every aspect of your house, scrutinizing the most minute of details and code infractions.

This process takes a rather long time, on average about 45 days for the entire process to be completed. After your house has been refinanced, it is crucial you contact your insurance agency to get an updated policy to fully cover your house and its possessions inside. Once you refinance, your insurance and payments will typically change in the following ways:

  • Your insurance policy payments will drop in price. When your house is up to code, your liability drops significantly, which will easily save you thousands of dollars per year.
  • When your house is refinanced, it is not uncommon for your loan payments to drop as well as your insurance. Most everyone is looking for the lowest interest rates they can get, and with an updated home value your interest rates could drop as much as 1%-2%.
  • If your insurance policy doesn’t change, refinancing your home also poses a great time to begin shopping around for a new insurance policy with lower rates, premiums, and principal payments.

Here at Brazelton Insurance Group, we do all we can to provide the best insurance policies for you. If you are looking to get out of your current plan, feel free to contact us at any time to get a quote.