How long does it typically take to get a Home Insurance Binder?

Asked by Nervous, 02215 Mon Mar 17, 2008

I'm a first time home buyer going through a short sale so my timeline is up in the air. We just got the lender's approval on Friday and hope to close in 2 weeks but the insurance company says it takes 30-45 days to get approved for a binder. Is this typical? Any suggestions to speed this up?

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Nervous, Home Buyer, 02215
Mon Mar 17, 2008
Thank you all for your answers. I was stressed out that I wouldn't be able to close on time but now I feel much better. Thanks again!
0 votes
Deborah Madey, Agent, Brick, NJ
Mon Mar 17, 2008
Hi Laura,
Since there are no special circumstances that you can identify, I suggest you start shopping. Good Luck.
Deborah
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Tman, , 30642
Mon Mar 17, 2008
Laura,

Did I read this right, 30 or 45 days....?

You mean 3 or 4 hours, right....?



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0 votes
Nervous, Home Buyer, 02215
Mon Mar 17, 2008
More info: I'm going through MetLife because I already have my auto and current renter's insurance through them (and I get a great group rate) and they're a big company. They balked at me when I suggested that 30-45 days is much longer than I had expected. I can't think of any special circumstances that would be affecting this timeline. The house I'm buying is only a couple years old. Its on the higher priced side but nothing extraordinary.
0 votes
Deborah Madey, Agent, Brick, NJ
Mon Mar 17, 2008
My buyers usually get their home insurance within 1-3 days. I have had it take longer on higher value or waterfront properties, but not that long. We have had to "rush" when it was needed same day. I haven't heard of 45 days....and am wondering if there are special circumstances.

My only suggestion to speed things up is to shop around. If another carrier is also requiring that time frame, perhaps it has do w/ the type of property, claims history and risk factors near that property, etc.
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Glenda Marks, , Charlotte, NC
Mon Mar 17, 2008
Unless there are "issues" you should get a binder the same day.
Web Reference:  http://www.queencitygal.com
0 votes
Julie, , Buffalo, NY
Mon Mar 17, 2008
Hmmm, I just had a client apply for his binder on Friday and get it that same Friday. Our closing was only one week away. I've never heard of 45 days to get a binder, that is as long as some closings take. Are you using a company that you have previously had business with? Is it possible for you to shop around?
Web Reference:  http://www.wnyhomevoice.com
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