Homeowner’s Insurance and Closings
Select your homeowners’ insurance company early in the home buying process. It may be the insurance company you currently use for your home and/or auto insurance. After you make an offer and have an acceptance on a home purchase you will have a few days to obtain inspections and appraisals. This is the Option Period. During this option period contact your insurance agent and ask that they run a CLUE Report (Comprehensive Loss Underwriters Exchange). A CLUE Report discloses previous claims on the subject property for the past 7 years. Claim history will include the date of the claim, insurance company involved, cause of loss and amounts paid if any, status of the claim and name of the insured and claimant. This information can determine if you will have any issues obtaining insurance for your new home due to water loss, mold or other issues. By having a CLUE Report run for your potential home purchase during the option period you will have time to explore any potential problems and determine how to best mitigate them.
The Title Company will require Homeowners Insurance information before the final loan documents can be drawn. The insurance binder must show the lender requirements so it is imperative the Title Company and your insurance agent are in contact with each other as soon as possible.
Knowing what you need beforehand will make the home buying experience easier.
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