How long does it take to purchase and get proof of homeowner's insurance?

Asked by Jph, 11385 Wed Nov 11, 2009

I will be closing on a house in a couple of weeks. It is my understanding that proof of insurance needs to be presented at the closing. How long does it take to purchase insurance and get the required proof for closing? Does this happen in a day or take longer?

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Donald Steve…, Agent, Fontana, CA
Wed Nov 11, 2009
It depends on the company. Most companies want some form of inspection and that is usually the hold up. If the agent is nearby they will try to inspect the property quickly to get the policy issued. Getting a policy issued can take an hour or a week, depends on the agent and the company.

Here are some things to consider:
A policy has to be quoted, accepted, and then bound or issued. Give yourself time for that and ask the agent how long these steps will take.
Some companies need money to bind and some will bill you or get their payment from closing.
Some agents cannot bind the policy and everything has to be sent to the company underwriters to bind.
Most policies require money or the promise of money, inspection of exterior, and a signed application.

This list is not conclusion but does provide some idea of the process. It is always better to start researching as early as possible so you are not put in a position where you are ready to close on your home and the insurance is holding up the finalization of your home purchase.

The Home Insurance Specialists
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