{"id":413,"date":"2012-07-18T10:50:13","date_gmt":"2012-07-18T14:50:13","guid":{"rendered":"https:\/\/rtcinsurance.wordpress.com\/?p=413"},"modified":"2013-07-11T23:22:06","modified_gmt":"2013-07-12T03:22:06","slug":"when-to-get-home-insurance-on-new-home","status":"publish","type":"post","link":"http:\/\/rtcinsuranceadvisors.com\/blog\/when-to-get-home-insurance-on-new-home\/","title":{"rendered":"When To Get Home Insurance On New Home"},"content":{"rendered":"

If you are closing on a new home shortly and are taking a mortgage, you may be asking yourself when to get home insurance on new home<\/strong><\/em>?\u00a0 This is a good question and we will answer it for you here.\u00a0 What will happen after your offer for the home is accepted by the seller, more parties will get involved in addition to your realtor.\u00a0 You will now have the closer, underwriter, lender, title company, etc. working to make you the new homeowner.\u00a0 And, each one of these professionals need certain items to be completed.\u00a0Of course a lender wants to protect their investment, and will require FL homeowners insurance<\/a> be purchased from a licensed insurance agent.\u00a0 The coverage must be for replacement cost and you need to make sure to keep the deductibles low enough to meet the lenders requirements.\u00a0 Generally, you can’t take on more than 1% of the homes loan to value in deductibles.\u00a0 But, a $2,500-$5,000 fire or “all other perils” and a 5% hurricane deductible might be the max.<\/p>\n

For a loan to pass final approval, the underwriting of your loan will need begin.\u00a0 This is the next phase of the mortgage process where the lender\"Florida<\/a> seeks to take you from pre-approval to acceptance.\u00a0 At this time, your loan officer will\u00a0request that \u00a0you not only get a FL homeowners insurance quote, but also “bind” the coverage with an effective date\u00a0of the estimated closing.\u00a0 This entails completing an application with your agent putting the FL homeowners insurance into effect for a specific effective date.\u00a0 This is a very important piece of the loan closing process, and\u00a0procrastinating\u00a0will only delay your closing.\u00a0 Now to get to the main point of when to get home insurance on new home.<\/p>\n

I Got It, Now Tell Me When to Get Home Insurance on New Home<\/h2>\n

Generally, you need to get FL homeowners insurance approx. 1-4 weeks prior to closing.\u00a0 As your insurance agent, we can bind coverage for the same day as the effective date.\u00a0 We are not in any rush, but if you delay, you might push-off your closing date into the future.\u00a0 The loan can’t close without the binder.\u00a0 Make sure to have your estimated closing date and “mortgagee clause” handy because we\u00a0will need this information to put on the application.\u00a0\u00a0A mortgagee clause is simply the name and address of the lender along with your loan number.\u00a0 Your loan officer will give this to you.<\/p>\n

We Work For You to Secure FL Homeowners Insurance Efficiently<\/h2>\n

RTC Insurance Advisors agents handle new home purchases all the time.\u00a0 We communicate with you and your lender to help make your loan close fast!\u00a0 We send the invoice and declaration page directly to your lender after the application is completed.\u00a0 So, please call us at 352-200-2066<\/strong>\u00a0so we can determine which FL homeowners insurance company is offering the best rate in your zip code.\u00a0 We work with 37 of them to insure the lowest rates.\u00a0 Then, after your review of the quotes and rates, we will make adjustments to the limits if necessary and bind the coverage with the most appropriate company.\u00a0 You have payment choices that we will discuss.\u00a0 We even inform the insurance company if\u00a0you want to escrow payment so you don’t have to see any renewal bills come renewal time.\u00a0 Your lender will get the future invoices.\u00a0 Simply fill out the form below and we’ll email you quotes for review and help to secure you coverage.\u00a0 Now that you know when to get home insurance on new home<\/strong>, what else can we help you with?<\/p>\n

P.S. If you are paying cash for a new home and no liens will exist, then you aren\u2019t required to carry FL homeowners insurance.\u00a0 It is recommended of course to protect your investment and I am sure you\u2019ll be wanting a policy.\u00a0 So, call us so we may quote you rates and answer\u00a0all of your\u00a0questions.<\/p>\n