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First Time Buyers >Insuring Your Home
Many home buyers are concerned about whether they have an insurable interest in the property before the actual closing. The answer is an unqualified "yes". Although the buyer is not yet the recorded owner of the property, he or she has an insurable interest in the property as soon as the agreement of sale is executed by both the buyer and seller.
Should you get hazard insurance before the closing? It depends. Buyers do not usually insure a property until the title passes to them from the seller. However, it's wise to know what the agreement between you and the seller stipulates with regard to insurance.
Most agreements state that the property will be insured for a specific amount. This is very important to both parties. From the buyer's point of view, it is also critical that an adequate sum or full replacement value be stipulated. Watch out for agreements which read "as now insured". This is an all-too-common practice which usually indicates that the seller does not to want to increase inadequate insurance coverage.
The Risser Group Century 21 Park Road Ltd 1825 Oregon Pike Lancaster, PA. 17601 Phone: 717-560-4877 Fax: 717-581-8788 Email: rissergroup@NUMBER1EXPERT.com
"Helped Serve Over 1,500 Families" Tom Risser is the Lancaster County's Results Plus Realtor. His outstanding real estate achievments and credentials include:
PAR- Lifetime Member of Million Dollar Round Table
Commonwealth of Pennsylvania - Approved Real Estate Instructor
Real Estate Council of Pennsylvania - "Chairman and President's Circle Awards" - Certified Residential Specialist - CRS Realtors Institute - Graduate GRI - State Certified Real Estate Appraiser - Numerous Committee Involvement of Lancaster Association.
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