When Should A Buyer Purchase Property Insurance?

By
Real Estate Agent with Century 21 Trademark Realty
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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Rainer
511,361
Jacqulyn Richey
Prominent Realty Group - Las Vegas, NV
Las Vegas Real Estate
I always make it a point to refer my clients to my favorite insurance company.  They have the best rates and great service (having used them myself).
Jul 16, 2006 11:48 AM #1
Rainer
360,091
Paul Sullins
Network Real Estate - Wilmington, NC

North Carolina just added an Insurance Addendum to our Offer to Purchase and Contract.  Buyers were going through the purchase process (loan, inspections, etc) only to find out that the insurance premiums were going to make their monthly payment out of reach.

In NC, the premiums are based on the credit score of the buyer, the CLUE report on the property and the other insurance voodoo.  I wish there was a way that buyers could get pre-qualified on their insurance, as well as the loan.

Jul 16, 2006 12:27 PM #2
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Rainer
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Cheronn Collins

Silver Spring Real Estate
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