While this can vary between insurance companies, homeowners insurance can be cheaper when paid in full at the time of purchase and each renewal instead of monthly installments. When insurance payments are broken down into installments, most companies apply monthly service fees ranging from $5 to over $10 more. However, many insurance companies offer paid-in-full discounts and eliminate service fees when the entire amount is paid in full. Keep in mind that if your homeowners insurance is escrowed with your mortgage, your insurance is likely being paid in full each year.