Home Buying in 11580>Question Details

Shoumick, Home Buyer in Valley Stream, NY

what to look for when buying a home insurance.?

Asked by Shoumick, Valley Stream, NY Fri Dec 24, 2010

when should I buy a home insurance before closing or after.? and what to look for in the polycy.?

Help the community by answering this question:


Lender will require that you purchase a home owners insurance policy before closing. They need this policy to cover the full price of the property. Your best option will be shopping around with different insurance companies and review the coverage and price of the policy. Normally your real estate agent can provide you with several phone numbers.

Best of Luck,

Maria Cipollone

Century 21 Tenace

2 votes Thank Flag Link Tue Dec 4, 2012
Insurance policy need to be purchase before closing. Best way is to pick up the phone and call few insurance companies to get the quotes.
1 vote Thank Flag Link Tue Dec 9, 2014
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.
1 vote Thank Flag Link Fri Dec 24, 2010
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.....
1 vote Thank Flag Link Fri Dec 24, 2010
I think it's important just to make sure that you're getting what you need. You need to be prepared and protected from the possible things that could damage my house. If we do what we can to keep ourselves as protected as possible, we will be fine. You need to talk with your insurance agent to make sure that you get the coverage you need. If you don't need something, you shouldn't pay for it. That way you have the money for what you need. If you plan this properly you'll be fine when everything is done.
0 votes Thank Flag Link Thu Apr 23, 2015
I agree, definitely get this taken care of before you close on the house. It should only take a simple phone call to your insurance agent to get this all taken care of. As far as what you should look for in a policy, make sure that you are covered for all of the types of potential disasters that could happen in your area. Good luck, and I hope that this information helped. http://www.axisinsuranceutah.com/home/
0 votes Thank Flag Link Tue Feb 24, 2015
I have been thinking about this a lot. I have had good insurance policies that I have liked on the house I am about to sell and on the condo i owned before that. I think that I might need something different for my next house though. I am hiring somebody to build it. I'm sure that i'll need some type of insurance to cover the fact that things can happen while building is in progress. I need to find out if I can get that insurance from my regular insurance agent. Either way, it will be interesting to go through this whole process.
0 votes Thank Flag Link Fri Dec 5, 2014
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.
0 votes Thank Flag Link Sun Dec 26, 2010
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.
0 votes Thank Flag Link Sat Dec 25, 2010
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.
0 votes Thank Flag Link Sat Dec 25, 2010
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.
0 votes Thank Flag Link Sat Dec 25, 2010
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.
0 votes Thank Flag Link Fri Dec 24, 2010
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.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Fri Dec 24, 2010
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