Step 10 for Home Buyers: Homeowner’s Insurance

Another of the contractual requirements that has a specific timeline relates to Homeowner’s Insurance.  If you have previously owned a home, or had renter’s insurance, or even have car insurance with an agent you like, this may well be your first call for a Home Insurance quote.  But I would suggest that you should get several quotes.

How Do I Choose an Insurance Company for Homeowner’s Insurance?

The best option for you may well come with some Insurance provider that gives multiple policy discounts.  Several quotes can be obtained by speaking with an insurance broker who sells policies from multiple vendors, but you should also quote out with your current agent as sometimes you will have a “good customer” discount if you’ve been with them for awhile.  Be sure you get a quote for ALL your insurance needs as sometimes the homeowner’s policy may be more expensive but the cars cost less – get the total figure and make an informed decision.

You do not have to activate Homeowner’s Insurance yet, in fact you can’t until you are the owner of the home.  But by the Purchase Agreement contract, you need to have talked with an agent and you need to produce a quote to your mortgage lender, usually within 2 weeks of contract acceptance.  This will help your mortgage lender provide you with accurate information about your monthly payment amount.  You should communicate with the insurance provider about the proposed closing date, and if any changes in that date come later, let them know again.  You can confirm the insurance start date in the days immediately before closing.

Can You Help Me Find an Agent or Company?

If you would like some recommendations I would be glad to provide you with the names of some insurance brokers that I have worked with in the past and who I have found to be honest.  Again, shop around … quotes vary widely and no two clients will end up with exactly the same options here.

If you have questions about this topic or if I can be of any further help to you, I would welcome your call or message:

Maureen Watson: 317-752-3377                              

Posted on November 16, 2018 at 2:00 am
Maureen Watson | Category: Steps for Buyers | Tagged , ,

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