When do you begin getting quotes on homeowners insurance?

Asked by Malita215, Philadelphia, PA Tue Apr 9, 2013

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Vincent Paige…, Agent, Orlando, FL
Tue Apr 9, 2013
As soon as you have an accepted contract (Both buyer and seller has signed)

Vincent Warren Paige, Jr.
REALTOR® | RE/MAX Showcase
Certified Broker Price Opinion Registered Agent (BPOR)
8934 Conroy Windermere Road | Orlando, FL 32835
Direct: 407.256.8190 | Fax: 407.264.8073
E-mail: vpaige1@yahoo.com
1 vote
Jackson Will…, Home Buyer, Provo, UT
Mon Jan 26, 2015
As soon as you know that you will be the homeowner. You want to get the process started quickly to be covered in case anything happens. You don't want to start the process too early though. If you do, you might not end up getting the house, and then you have to cancel everything you've been discussing.
0 votes
Gary Swank, Agent, Pittsburgh, PA
Thu Jan 1, 2015
Once you get a sales agreement in place, it would be wise to start shopping for homeowners insurance.
0 votes
Irina Karan, Agent, Aventura, FL
Mon Nov 18, 2013
Prior to getting your contingencies expire.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
0 votes
We've been looking at buying a home as well. The area that we have been looking has had a couple landslides in the past 20 years, as well as some flooding. There are other locations that aren't prone to those disasters, but the homes are much more expensive. We're trying to weigh the costs of buying a disaster prone home along with higher insurance, or a more expensive home with a lower premium. What did you end up deciding to do? http://www.easterngeneralins.com/Home_Owners_Insurance.php
Flag Fri Sep 19, 2014
Gita Bantwal, Agent, Jamison, PA
Mon Apr 15, 2013
You should choose the insurance contingency when you write the offer to purchase and look for quotes immediately to make sure you can get insurance for the property and know the amount it will cost you.
0 votes
Rich Gross, Agent, Prior Lake, MN
Thu Apr 11, 2013
As soon as you have a signed, non contingent purchase agreement is the right time to start looking for insurance. Be sure to look at several insurance companies, because the coverage and the monthly cost can be quite different. You want to be sure that you have a good company that will handle problems if a disaster does happen
0 votes
Philip J. Cu…, Agent, Feasterville, PA
Tue Apr 9, 2013
Well You need to call an Insurance agent as soon as the contracts are signed and always select the insurance contingency bucause claims can also follow the property not just the owner and as for your credit score the effect is different then other credit checks. To all who read these post and ask questions ask them of a LOCAL EXPERT which means Real Estate ask a Real Estate Agent or Broker, Insurance asl an Insurance Agent and always that expert that is in that area. Any questions please call me 215-725-5700 X49

Philip J. Cunningham Sr.
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia, PA 19152 215-725-5700 X49
Web Reference:  http://www.GreatPaRE.com
0 votes
Hannah Angert, , Philadelphia, PA
Tue Apr 9, 2013
When getting insurance for the first time, you want to be sure to shop "apples and apples". Contact several local insurance agents to quote the exact same coverages. Don't get too many quotes as there are credit checks involved. Do some research before-hand about the kind of minimum coverage you need to complete your home purchase. You may want to just do that for now and adjust the policy later.

Hannah Angert, Realtor
(215) 869-9571 or hannahangert@comcast.net

William Festa Realty
3001 S. Sydenham St.
Philadelphia PA 19145
(215) 271-3000 phone
(215) 271-0988 fax
0 votes
Janice Bovee, Agent, Philadelphia, PA
Tue Apr 9, 2013
If on the agreement of sale you have elected the property insurance contingency then you only have the amount of time specified, usually 10 days. But really there is no reason not to do it as soon as you have a signed contract.
0 votes
Wbg, , Philadelphia, PA
Tue Apr 9, 2013
After full execution of the agreement of sale the buyer has what is known as an "equitable interest" in the property(the earnest money deposit) depending on how the AOS is written you may also want to get this interest covered until settlement...
0 votes
Simon Campbe…, Agent, Miami Beach, FL
Tue Apr 9, 2013
As soon as you have an accepted contract which means that the seller has signed and dated the contract and your agent has returned it to you.

At this time, you can start shopping around for homeowners insurance. Once you get a policy setup, you will need to submit that information to your title company. The annual premiums will be paid either at closing or through a bank escrow payment.
0 votes
R. Eric Axel…, Agent, Cherry Hill, NJ
Tue Apr 9, 2013
Hi Malita, as soon as you have a property identified, or after you sign contracts. You need to have an address to give them. It only takes a few days to get, so you can wait until after you're sure the deal is going to go through.
Web Reference:  http://SellingPhilly.com
0 votes
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