Home Insurance - You can't close on your new house without it

By
Real Estate Agent with RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590

Home Insurance - You can't close on your new house without it

Buying a house is an exciting thing, really it is.  You can take advantage of the low interest rate right now, it is a buyers market, so many choices out there, you may even find some good foreclosure deals and save more money.

If you are working with a good lender, and good real estate agent, you will be guided towards closing in every step of the way.  You will be reminded what you need to do before closing, and there are a few things you need to do.  One of them is you have to have home insurance in place before the closing or you can't close.

Even if you are buying the property in cash, it will still be your best interest to get home insurance on the house you are buying before closing.  Things can happen unexpectedly.

If you already have an insurance agent , call them to give you a quote on your new home.  If you don't have one, you can ask your real estate agent for some referrals, or call around for a few more quotes and decide which one you want to use.  Then you need to go and sign the insurance binder and your insurance agent will send that binder to your lender and process it to closing.

This is a very important step before closing, make sure you get it done early in the process so you have enough time for your insurance agent to get the paper work done before your closing date.  Sometimes extending the closing date may not be an option in some cases, always allow enough time to let your lender to process your loan application so you can have a smooth closing as much as possible.

photo courtesy : http://www.flickr.com/photos/dhilowitz

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Serving Marion, West Memphis, Crawfordsville, Hughes, Horseshoe Lake, and surrounding areas.  If you are planning to sell or buy, please feel free to give me a call, find out if I am the right agent for you.

 

 

 

Rita Fong, REALTOR®

RE/MAX Real Estate Today

1813 Highway 77  Marion, Ark. 72364

cell:901-488-9590

office:870-735-4663

fax:870-735-4668

http://www.ritafong.remaxarkansas.com

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Rainmaker
1,780,598
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I had a client that would not believe me.  He was calling his agent from the closing table!

Oct 25, 2011 06:14 PM #1
Rainmaker
331,239
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Bill, getting home insurance is something many 1st time buyers have no clue of.  Agents need to let them know ahead of time and get it going to avoid problems in closing.

Oct 25, 2011 06:19 PM #2
Ambassador
754,937
Jerry Newman
Green Home Realty, 210-789-4216,www.Selling-SanAntonioHomes.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Hi Rita. This is some great advice for anyone buying a home. I just informed my First Time Home buyer today that she needed to get some quotes on Home Owners insurance. It was all new to her since this was her first home.

Oct 25, 2011 06:45 PM #3
Rainmaker
686,849
Kay Van Kampen
RE/MAX Broker, RE/MAX Solutions - Springfield, MO
Realtor®, Springfield Mo Real Estate

I haven't had them come to the closing table without insurance lately, but I've had a few buyers turned down because of their credit rating.  Getting insurance before the closing table is critical.

Oct 25, 2011 10:11 PM #4
Rainmaker
331,239
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Jerry, good for you, any good agent will remind their clients to get home insurance ahead of time before closing, many home buyers do not know they need to get the home insurance before closing.

Oct 26, 2011 05:44 PM #5
Rainmaker
331,239
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Kay, credit score has been a big issue of obtaining home insurance in recent years also.  Sometimes the only way for a buyer to get the insurance is getting a much higher rate, and it will throw the debt and income ratio off.  It can also affect their loan approval, it is very critical indeed.

Oct 26, 2011 05:49 PM #6
Rainmaker
1,920,113
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Rita, Good advice for cash buyers to get insurance. Thanks for the post.

Oct 28, 2011 07:15 AM #7
Rainmaker
331,239
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Gita, thanks for stopping by.  For some reason, some home buyers just forgot about this important step before their closing.

Oct 28, 2011 12:02 PM #8
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Rainmaker
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Rita Fong

Realtor - Marion Arkansas Homes for Sale
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