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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.

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Chaunya M. Blackwell
Keller Williams Preferred Properties
Blackwell Realty Solutions Team
9701 Apollo Dr, Suite 102
Upper Marlboro, MD 20774
Mobile: 301-875-2167
Fax: 240-296-5165
Office: 240-737-0565
cblackwell@BlackwellRealtySolutions.com

There is nothing more special than having an opportunity to advise and consult you on one of the most important decisions you make in your lifetime! Buying or Selling your Home....You have a choice to either have a rocky or smooth transaction. I take great steps in the beginning to ensure that you have a smooth, easy transaction. I wnat you to be smiling at the settlement table because the numbers are exactly what we discussed. So if you want an Agent who is Dedicated to Changing Your Life Everyday.... Hire ME Chaunya Blackwell of Blackwell RealtySolutions, Inc. affiliated with Keller Williams Preferred Properties

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