Should I have homeowner’s insurance before buying my house? The purchase of your dream home can be exhausting. When, finally, after weeks or months of searching, you manage to sign a purchase contract, that’s when the race to the so-called closing begins. Deposits need to be made, inspections carried out, documents submitted, employer letters verified, titles checked, appraisals done, and negotiations between parties, all governed by a tight timeline that, if not met, could result in the loss of the contract and starting over.
As if all this weren’t enough, you have to find time to search for home insurance that fits your needs and protects the property you’re about to acquire. Yes, as you heard, lenders will require you to present evidence of insurance two or three weeks before closing.
Although it’s not a legal requirement, it is a condition to obtain the mortgage. The lender will request insurance that covers 100% of the property replacement value or the construction price.
You may wonder, how can I insure a house that is not yet mine? For this, a special contract is created with the insurance company stating that, from the time of purchase, the house will be insured.
As you can see, homeowner’s insurance is one of the expenses to consider when deciding to buy a house. Beware, as it is very common for lenders to require you to pay a year in advance at the closing. We’re talking about $2,000 or $3,000, or more.
So, if you’re buying a house, you will need homeowner’s insurance. Get in touch with Univista Insurance, and you’ll get the cheapest prices on the market. The insurance advisors will provide you with personal attention and explain any doubts you may have. Should I have homeowner’s insurance before buying my house?
Call us today for a full qualification! (305) 267-7138.
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