You have located the home that you wish to purchase and before the transaction can be complete, you need to purchase property insurance. When is a good time to make this purchase? It is best for both buyers and sellers for the buyer to begin to search for insurance no later than the time of the contract to purchase is signed. This ensures that the buyer will have the appropriate insurance well in advance of the settlement of the transaction. Waiting until the last days or even weeks before the closing can limit the opportunities of the buyers and sellers to address the affordability and availability issue and, if needed, to find alternatives for difficult to insure properties. There have been many examples of transactions, which have been adversely affected in some manner because of problems associated with insurance availability/affordability.
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