Non-sexy Real state Topic: Insurance

 There are many steps in the process of preparing to buy or sell real estate. We can meet up to talk about these at another time. Part of this process does include insurance. I know, I just lost many of you. No one
likes to talk insurance, but it is a very important part of home or property ownership. 

Section ten of your contract to purchase refers to the Insurability of the propery. This is actually one of the areas tht the Buyer can terminate the contract. Why? Let's Explore.

There is a date  in the contract that is called Property Insrance Termination Deadline. This is based on any unsatisfactory provision of the availability, tems and conditions and premium for property insurance. This is the Buyer's sole subjective opinion. 

So often, Buyers breeze past this deadline thinking they can adress this at a later date. Big mistake. As your Realtor, I will insist that you research this and get terms in place. There have been so many changes that obtaining insurance is not guaranteed. 

Many lenders require policies to protect their financial investment. 

Homeowners insurance
Mortgage Insurance
Title Insurance
Special Insurance Riders

Working with your Realtor makes it easier. I can help you leverage trusted local providers, obtain expert guidance and coordinate the process to same time and money.

Obtaining insurance during this process is essential for several key reasons:
  1. Protects Your Investment
    Home insurance safeguards your property against losses caused by fire, theft, storms, vandalism, and other unexpected events. Without insurance, you could face substantial out-of-pocket expenses to repair or rebuild your home.
  2. Required by Mortgage Lenders
    Most lenders require proof of homeowners insurance before they will approve or finalize a mortgage. This protects their financial interest in the property until the loan is fully paid off.
  3. Covers Personal Liability
    Insurance protects you legally and financially if someone is injured on your property or if you accidentally cause damage to someone else’s property. This can help cover medical costs, legal fees, and potential settlements.
  4. Assists with Temporary Living Costs
    If your home becomes uninhabitable due to a covered event, insurance can help pay for temporary housing and related expenses. This provides security and stability during difficult times.
  5. Offers Peace of Mind
    Knowing that your home, belongings, and financial future are protected brings peace of mind. You can live confidently, knowing that unexpected disasters won’t cause financial ruin.
  6. Customizable for Special Needs
    Home insurance policies can be tailored to include additional protection—such as flood, earthquake, or personal belongings coverage—depending on the property's location and your individual needs.

We can sit down and talk or schedule a call to get a strategy in place and let me discover what you know about the process of obtaining insurance for your new home or investment property.



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