A part of the Holiday Season that many home buyers are not aware of is that most agencies as well as insurance carriers themselves are on Holiday hours. This yearly ritual of paid vacation on the surface would not seem to have any impact on the purchase of a home or rental property and honestly it shouldn't. But what might seem like trivial days off can create headaches for last minute home buyers with a rapidly approaching closing. If you are a Real Estate Agent and not aware (you should be ashamed), every home buyer that is financing their payment (in the state of NY) must have proof of insurance (often times paid in full) effective the day of the closing. So on December 23rd at 230pm up until Monday December 29th it may be difficult to track down your agent/insurance provider. As most first time home buyers are not aware that they need proof of insurance on their day of closing this can cause a stress induced purchase with the first agent to answer the phone. Which can lead to shoddy coverage and high premiums. This presents an easy opportunity for Real Estate Agents to lend a value added service, make your clients aware of this closing day requirement.
So Real Estate Agents, to releave this unnecessary stress make sure next year you are informing all your clients who may have closings during the Holiday to secure proof of insurance well in advance of Hanukah and Christmas. The combination of the Holidays and Purchasing a Home is stressful enough. Having proper insurance coverage in place should be the last thing on your clients mind.
BTW, I will be working all day Christmas eve and the day after Christmas... hint, hint...
Happy Holidays
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