Profile picture for v.signorelli

Is it necessary to have home owner insurance at time of purchase ?

  • September 29 2011 - Riviera Beach
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Answers (13)

Profile picture for Mark LeMenager
If there is a mortage, then yes.  If you are buying for cash, then no, but get it ASAP after closing.
  • October 25 2011
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Since buying a home is the largest investment most of us will make in our lifetime, insuring the home is criticial. Lenders require it on home purchases and you wouldn't want to own a home with it. The best way to protect your investment is to insure it. Thank you for your question.
  • September 29 2011
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If you are financing the property, I am unaware of any lender who will finance the home without the purchase of homeowner's insurance by the buyer.  If you pay cash, you are not mandated to purchase it.  But it would be extremely irresponsible to do that for obvious reasons.

  • September 29 2011
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Profile picture for the_country_hick
Not having insurance at the time of purchase is foolish. What happens if 15 minutes after you sign the papers the house burns down? You would lose a lot of money.

Find your own agent. Get your own policy. Then have the policy in effect 12:01 a.m. the day of closing. That way there is no way the insurance company can say you were not covered on the day of purchase because the insurance policy went into effect before you bought it and the place could have burned down 15 minutes before the policy went into effect.

  • September 29 2011
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Profile picture for kmelendez
Yes, if you are purchasing with a loan in place. Not necessary but definately recommended if purchasing with cash.
  • September 29 2011
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Yes, if you are financing the purchase.
  • September 29 2011
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even if you are paying cash, please get insurance:)
  • September 29 2011
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If you are purchasing the property outright, without loans, then it is up to you, though highly recommended.

It is prudent, however, to work with an insurance agent of your choosing early in the purchase process to advise you on the insurability of the property.   In this way there won't be any last minute unpleasant surprises as to premium costs or previous claim issues.   Serious issues may be cause for you to reconsider your purchase.
  • September 29 2011
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Profile picture for sunnyview
Yes. If you have a mortgage, they will require a policy in place before they close. No, if you are paying all cash for the property. Whether you buy with a mortgage or without one, you can still choose your own agent and insurance company.
  • September 29 2011
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If you are paying cash, it is not required to close... although it is advisable to always have insurance on your home. And you can always choose your own insurance agent.

Thanks!
  • September 29 2011
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Profile picture for wetdawgs
Even when purchasing with a loan, one can chose their own insurance agent.
  • September 29 2011
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Profile picture for v.signorelli
I paln to make a cash purchase, and only want to find my own ins,.agent.
  • September 29 2011
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Profile picture for wetdawgs
If you are purchasing using a loan of any type, the lender will require that you have home owner insurance.
  • September 29 2011
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