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If you haven’t received your policy when it nears time for the binder to expire, it’s important to contact your insurance agent to learn why. The binder is only valid for 60 to 90 days. #4 Closing time! You are required to have a homeowner’s insurance policy in place before you take possession of your new home. Home insurance protects the mortgage lender’s investment by providing the money to repair or rebuild the home if it is damaged or destroyed by a fire, a lightning storm, a tornado or some other covered event. Your home insurance binder provides proof of insurance until the policy is underwritten. ![]() (Is this you? Get an instant quote from us !) If your insurer cant issue you a policy before you close, youll need a homeowners insurance binder, which is a document that serves as temporary proof of. After inspection, appraisal, and approval by your financial institution for your mortgage, you have everything you need to start finding a home insurance package! If you haven’t yet, start looking at this point. #3 You have your home inspection and appraisal. ![]() #2 You make an offer and the seller accepts! Congratulations! You don’t need to make any decisions just yet, but you can speak to an Insurance Consultant now if you like. Knowing before you purchase can help you better predict your monthly costs! (For example, older homes with copper wires are more challenging to insure.) It’s a great idea to chat with an Insurance Consultant about the specific, insurance-affecting features you’ll want to ask your realtor about while looking at new homes. And some things make certain homes more difficult-or more expensive-to insure. When looking for a new home, keep in mind that having insurance on the property will most likely be required.
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