When To Buy Home Insurance When Buying A House?

  1. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    If you are in the process of buying a home, contact your insurance agent.  Your insurance agent will need to coordinate with the title company to make sure that the coverage meets the requirements of your lender.  The insurance agent will also need to take pictures of the property.  Since most homeowner’s policies are paid through impound transfers from the lender it is critical to coordinate.  
    Answered on May 12, 2014
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  2. 14231 POINTS
    Tom Sheehan
    Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
    If you are buying a house, and if you are obtaining mortgage financing to do so, either your Mortgage Broker or your Attorney will provide you with a list of required items that the bank will need in order to schedule your closing.  One of the primary items on that list will be a requirement to show proof of insurance on your home beginning at least the date of the closing.  More than likely you will also be required to show proof that you have paid the first year's premium for the insurance in full.  The best advice is to contact your Insurance Professional about the property purchase as soon as you can after having your offer accepted by the seller.  It is never a good idea to wait until the last minute.
    Answered on May 12, 2014
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