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freckles
Love My Little Man!
Member since 5/07 1825 total posts
Name:
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Buyer novice question here...spinoff to Homewoner's Insurance post
Do we need to get homeowner's insurance before we close? Before we enter into contract? Before we move in?
Basically, when is the best time to have something secured?
TIA!
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Posted 2/21/08 12:24 PM  |
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MrsSteflily
I love chocolate
Member since 4/06 2047 total posts
Name:
Stef
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Re: Buyer novice question here...spinoff to Homewoner's Insurance post
We had to have documentation before we went to closing that we had insurance and paid the premium for the year.
HTH.
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| Posted 2/21/08 12:30 PM |
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cjb88
Little Brother
Member since 5/05 3540 total posts
Name:
C
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Re: Buyer novice question here...spinoff to Homewoner's Insurance post
if i remember correctly we got ours after contract before we closed- but i think we might have had to have it before the mortgage was officially 100% approved...
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| Posted 2/21/08 12:30 PM |
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bicosi
life is a carousel
Member since 7/07 14956 total posts
Name:
M
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Re: Buyer novice question here...spinoff to Homewoner's Insurance post
You will be asked to provide your mortgage company with a homeowners insurance binder in order to close. 
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| Posted 2/21/08 12:31 PM |
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freckles
Love My Little Man!
Member since 5/07 1825 total posts
Name:
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Re: Buyer novice question here...spinoff to Homewoner's Insurance post
Great!
Thanks so much, very helpful!
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| Posted 2/21/08 12:32 PM |
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Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
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Re: Buyer novice question here...spinoff to Homewoner's Insurance post
You need to have it in place before you close. Your Lawyer will have you send a binder over from the Insurance Company prior to the closing date.
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| Posted 2/21/08 2:15 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: Buyer novice question here...spinoff to Homewoner's Insurance post
Yes - you will not be able to close without it. (And you shouldn't want to either... You never want to be without that coverage!)
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| Posted 2/21/08 2:33 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: Buyer novice question here...spinoff to Homewoner's Insurance post
You need to have a comittment of 3 mths home insurance in order to close. You cannot close without 3 mths or more of homeowners ins. So go get a policy at least a mth before with an appx start date.
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| Posted 2/21/08 3:26 PM |
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Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
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Re: Buyer novice question here...spinoff to Homewoner's Insurance post
Posted by Goobster
You need to have a comittment of 3 mths home insurance in order to close. You cannot close without 3 mths or more of homeowners ins. So go get a policy at least a mth before with an appx start date.
Depends on the bank, mine required a full year term, paid in full.
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| Posted 2/21/08 3:29 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: Buyer novice question here...spinoff to Homewoner's Insurance post
Posted by Mrs-D-Girl
Posted by Goobster
You need to have a comittment of 3 mths home insurance in order to close. You cannot close without 3 mths or more of homeowners ins. So go get a policy at least a mth before with an appx start date.
Depends on the bank, mine required a full year term, paid in full.
Well we had gotten a whole year, but then our ins was cancelled the DAY before closing due to sidewalk issues. In order for us to close we had to have a 3 mth committment for ins in order to close and we had to get the sidewalk fixed within that 3 mths for it to be renewed.
That's what I am going by, I wonder if they all have diff requirements or if it is based on banks?
Message edited 2/21/2008 3:35:28 PM.
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| Posted 2/21/08 3:34 PM |
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babyfaith
Onward and Upward!
Member since 2/08 3210 total posts
Name:
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Re: Buyer novice question here...spinoff to Homewoner's Insurance post
You need proof of insurance before closing. I think I did it a week or 2 before closing.
ETA: A full year premium had to be paid in full before closing in my case.
Message edited 2/21/2008 4:31:13 PM.
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| Posted 2/21/08 4:29 PM |
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