Buying your first home can be an exciting time in your life. But, it can also be a confusing time. There are many elements that go into buying a home, and if a mistake is made, it can slow down or delay the home buying and closing process. As a first time buyer, one of the questions that you may have is whether you need to have home insurance in place at closing or whether this is something that you buy after the home closes. Here at Epic Insurance, serving the Lees Summit, MO area, we are often asked this question. Here is the answer we provide to our new or existing clients.
Do You Need to Have Home Insurance in Place Before Closing on a Home?
Most lenders will require you to have home insurance in place before you close on a home. However, if you do not have insurance in place before closing, many lenders work with insurance agents who can provide you with a supplemental policy that allows you to have insurance in place to close. Unfortunately, though, these policies are often expensive and provide little coverage, so it is always recommended you come with your own insurance.
Why Do You Need Home Insurance in Place Before Closing on a Home?
As soon as you close on a home, it is now yours. If the home catches fire a minute after closing, it is your issue to deal with. As such, lenders require you to have home insurance before closing to minimize any risk from unexpected events, such as fires and hail damage.
If you are preparing to close on a home and are in need of a new home insurance policy in the greater Lees Summit, MO area, let Epic Insurance help you. Contact us today and let us find you the right policy before your closing date.