You will be required to purchase the policy before closing and provide proof to the lender the policy is in effect by the date of closing. You will also be required to add your lender to the policy. Most insurance agents are aware of the mortgagee clause for the lender. Do not assume its the same address as stated on your loan documents. Often, the lender will have a specific address to which the insurance policy must be certified. Failure to include the correct address on the policy may delay and even cancel your closing.

Stick with the more recognizable names such as All State, Geico and any other known carrier. The other less known insurers may have cheaper rates but in the event of a claim it is also extremely difficult to collect.

You are required by the lenders to maintain a policy which covers the full amount of the loan but will not include your personal belongings. Therefore if you would like additional coverage to include your personal claims or items you should request a policy above your loan amount. Again, discuss this with your agent and attorney before making any decision.

Hi Shoumick:

Banks wont loan you money without home insurance, they want to protect their investment
in the event your home burns down or gets destroyed.

Go with http://www.einsurance.com or http://www.geico.com or the one you have your

car/s insured with.

Generally, you want to factor in liability coverage, that is worth the value of your home plus

savings, plus stocks or tangible assets.

May want to also set up a Trust, and get in touch with a Trust lawyer.

Good luck.
Perry

If you are planning on getting a mortgage to purchase the property, you should have everything arranged about a week to 10 days before closing so that the lender will be able to review the coverage, and make sure that the amount monthly payment is similar to the estimate, so that you ca still qualify. If you know anyone who owns a home in the area, ask for a recommendation. If you have car insurance, you may be able to use the same company. If it is GEICO, they do not cover properties on LI. For some reason, some of the insurace companies have decided that the island is due for a hurricane, and are not providing coverage. I have many clients however who have shopped around and found very good coverage at reasonable rates.

Best person to talk to is an expert. Not a real estate expert but an insurance expert. Contact an agent in your area and ask the agent your questions. Shop a couple of agents. Rates can vary and the suggestions for coverage may be different. Be sure to compare apples to apples when you are comparing the cost of the coverage that is best for you.

You should shop around for it before and choose apolicy that covers what you need. You will want to make sure you have insurance PRIOR to closing, once you sign and close, you own it. God forbid anything happens if you wait until after closing and something happens.

You need to have the insurance before the closing, as the closing attorney will need a home binder. Also, first speak to your current insurance agent, as you are able to get discounts for multiple policies.

I would be happy to recommend my own insurance broker...he's terrific and found me insurance to fit my needs.

Contact me at gail@gailgladstone.com or call me at 631-425-6150 and I will be happy to share.

You will need home owner's insurance by your closing day...as to what to look for--much will depend on your needs--therefore, contact a few local insurance companies and ask for quotes based on your needs--then choose the insurance product that best protects/suits those needs.....