[Paradise8]

Hello:

I will be closing on a new home for the first time in the villages in September 2013. Is homeowners' insurance recommended or required before closing, or can this be purchased after closing?

Thanks,
Vic

[Sable99]

I was told last year I had to have insurance before I closed

[quirky3]

If you have a mortgage, usually the bank requires homeowners insurance to be set up beofre the closing.

I bought my house in September 2004, when 4 hurricanes came through Florida. My closing was scheduled right after the 2nd hurricane but we knew the 3rd one was on its way, and all local insurance carriers had stopped writing except for Citrizens, so I was forced to go with them to start with, in order for the closing to proceed as scheduled.

[jnieman]

Call Elaine Fisette at Allstate 753-4340. She can answer all of your questions and give you a quote. You may be too far out to write a policy at this point, but she can tell you what you need to know.

[Rebel Pirate]

Originally Posted by Paradise8

Hello:

I will be closing on a new home for the first time in the villages in September 2013. Is homeowners' insurance recommended or required before closing, or can this be purchased after closing?

Thanks,
Vic

Anyone with a security interest in your home (i.e., a mortgage provider) will require hazard insurance before they fund the mortgage which means you'll need it before your sale can close. If you are buying without a mortgage loan, there is no requirement for you to have hazard insurance. Note, I didn't say it was a good idea to close without insurance. But, some people (probably a very small number) may choose to self-insure.

[Villages Kahuna]

As someone else said, your mortgage lender will require adequate homeowner's insurance as a requirement of closing.

That being said, if you are paying cash for your house, why would you want to close and own a house with no insurance? All it takes is one storm, one lightning strike, to cost you a huge amount if money. There's a well known incident of a new homeowner near Mallory Hill CC closing with no insurance the day before the tornado hit several years ago. That was a VERY costly decision in his part.

Getting competitively priced insurance from a reliable insurance company is as easy as calling The Villages Insurance Agency at (352) 751-6560. This office is on Wedgewood Lane near the Publix plaza on CR 466, but I think they have other offices in TV, as well.

I believe this agency is owned by the developer. That being said, I've found that the agency offers the same high quality customer service as almost everywhere else in The Villages. It's pretty clear that with the volume of insurance this agency writes, they have more than a little to say about the premiums and claim service offered by the companies they represent. The experience of people insured thru this agency after the massive losses from the tornado was uniformly excellent. The companies represented by The Villages Insurance Agency had claim trailers and reps on site here within hours after the storm, long before the Homeland Security trailers arrived.

[The Buckeyes]

Originally Posted by Paradise8

Hello:

I will be closing on a new home for the first time in the villages in September 2013. Is homeowners' insurance recommended or required before closing, or can this be purchased after closing?

Thanks,
Vic

If you have a mortgage the lender will require insurance. Also, The way building is done I find it odd your closing is 5 months out. It doesn't take that long to build a home here.

[Cobh521]

If you have a mortgage you need to show proof of homeowners. We are settling on 4/30 and will not have a mortgage thus we do not need to show proof of homeowners. We were, however told my the insurance company that you should have your house covered the day of closing. If it is not covered the day of closing it is considered an uninsured house and the premium would be higher

[jnieman]

Originally Posted by Cobh521

If you have a mortgage you need to show proof of homeowners. We are settling on 4/30 and will not have a mortgage thus we do not need to show proof of homeowners. We were, however told my the insurance company that you should have your house covered the day of closing. If it is not covered the day of closing it is considered an uninsured house and the premium would be higher

Also I believe that if you don't insure it from day one you may have trouble getting insurance at a later date.

[Golfingnut]

It is only required if you finance. If you are paying cash, the risk is up to you.

[memason]

Originally Posted by jnieman

Call Elaine Fisette at Allstate 753-4340. She can answer all of your questions and give you a quote. You may be too far out to write a policy at this point, but she can tell you what you need to know.

Unless Allstate has recently changed their policy, they no longer write homeowners insurance in Florida. I have auto/cart insurance with the Fisette agency, but they wouldn't write my homeowners. Mike and Elaine are good to deal with!

[asianthree]

Not if you are paying cash

[Mack184]

Originally Posted by Golfingnut

It is only required if you finance. If you are paying cash, the risk is up to you.

Of course why anyone would want to TAKE that risk is beyond me!

[janmcn]

Originally Posted by Mack184

Of course why anyone would want to TAKE that risk is beyond me!

Especially with all the hurricanes, lightning strikes, sink holes, possible tornadoes, and fires that Florida is known for. September is the height of hurricane season.

From what has been posted on other threads, if you don't get sinkhole insurance on your new house, there's a 99.9% chance you won't be able to get it.

[batman911]

If you have a mortgage, your selected home insurance company will need to send certification of insurance to the lender before closing.