Yesterday I had the chance to catch up with Jennifer Smigal, a State Farm Insurance Agent, while on my way to my own office meeting. Jennifer has been part of my trusted 3rd party network for a few years now, and has always been available with input when I needed it.
Securing homeowner's insurance is one of the must-do items on your home buying to-do list prior to closing. You won't get to hear the magic words cleared to close without proof of adequate insurance coverage! The process does not take very long, just a few minutes of your time, and very little paperwork.
At State Farm, Jennifer and her team only need a copy of your appraisal and your REALTOR's contact info. If you have that handy, then you are good to go and can get a quote as well as coverage super fast. An insurance binder can even be issued the day of closing - but do keep in mind that you want to get cleared to close a few days prior, so don't wait until the last minute.
The only times things can get a tricky is when you are a new customer of State Farm and have had claims on your record within the last 3 years. In that case you may have to try elsewhere or check with your previous insurance carrier.
Maintaining adequate coverage is not only important for your own peace of mind, but also required by your lender. Your lending institution will make sure you have insurance, otherwise they'll secure it for you and then bill you for it - which could be more money out of your escrow account than taking care of it yourself. Typically the first year premium is paid at closing, and about 3 months are collected as a cushion for your escrow account. Then you'll pay 1/12th of your premium each month, and when the bill is due, it will be paid from your escrow by your lender. Do monitor it though and sign up for notifications so you can be rest assured that you don't have a lapse in coverage!
Catching up with Jennifer Smigal, State Farm Insurance Agent in Silver Spring, MD.
When you are shopping around for quotes, be sure to give Jennifer's office a call. It cost you but a few minutes of your time, but may be just the coverage and service you are looking for!