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Insurance concern for Buyers during the Holiday Season

By
Services for Real Estate Pros with The Murray Group Insurance Services Inc

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

Comments (2)

Maggie Baumbach
Search Homes for Sale in Maryland at HelpShop.com - Reisterstown, MD

It is probably a good idea to get the buyer working on insurance shopping once there is a ratified contract.  If there is any concern about the condition they should probably talk to their insurance agent before submitting an offer to get an idea of what the cost will be. And especially for first time buyers reminding is a good idea since it may not be on their radar. Good reminder and have a lovely Christmas.

Dec 22, 2008 12:07 PM
Rich Mielke
REMAX Results, Frederick MD - Frederick, MD
REALTOR, Frederick Maryland Real Estate

Ryan, good reminder. This time of year, it can be hard to get something done at the last minute. Try and enjoy some time off on Christmas.

Dec 22, 2008 01:51 PM