Do you think your house is over insured?

By | Personal Insurance

Do you think your house is over insured? Have you asked your agent: “Why is my house insured for so much? It isn’t worth that!” It might be the most asked question in ALL of insurance (except for health insurance, which has its very own continent as far as insurance questions are concerned). I have a client who buys a house for $140,000. They call for an insurance policy. The insurance value on the house comes in at $225,000. The confusion ensues. Why is there such a discrepancy between what the insurance company thinks your house is worth, compared to…

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Realtors, Loan Officers, & Attorneys: The home insurance transaction is not what you think.

By | Personal Insurance

3 Things to Know About Your Buyer’s Homeowner’s Insurance As a professional who is a part of a residential real estate transaction, you know that homeowner’s insurance is a critical part of the closing. However, there are three things about it that could make or break your deal: The effective date of the policy is the effective date. If you insist on the buyer/borrower clearing the underwriting hurdle for a paid receipt and binder, beware. Once bound, it cannot be changed. Unlike a closing date, that works as an on-or-about kind of date, an insurance policy is different. A binder,…

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