OK so we got the sellers to stick true to their original closing date which is about a week away. We need to get insurance on the new house, and I was going to go through the same company I get my auto insurance through. How does this work, and what do I need to know? Do I just purchase the policy, pay in full and print out any documents that I will need, or do I need to know anything else about it?

__________________
If you really want something in this life, you have to work for it. Now, quiet! The're about to announce the lottery numbers... - Homer Simpson

Congrats on getting the closing that you wanted - how excited you must be!!! I think you have the right idea, but I'd recommend getting in touch with your closing attorney to find out what he/she needs from you and when. Usually they have this stuff all done up ahead of time so that the closing appt goes smoothly...

cj/

It probably depends on what your bank requires. Our bank required us to show proof of payment for 1 year of home insurance prior to the closing. Our bank furnished us with a list of requirements that had to be fulfilled prior to closing & that was one of them. We paid in full & then the insurance company faxed proof of insurance to the bank.

Jessie Proud Mom to Kyle(15) Garrett(13) and Emily(9)

__________________
I don't want to get to the end of my life and find that I lived just the length of it. I want to have lived the width as well. - Diane Ackerman

check w/the atty/agent, because you might have to pay 1 year upfront, or you may be able to sign up for the policy and have it added to the monthly payment. depends on what they require as the other poster mentioned..

on a side note - get several price quotes before you sign for a policy...i checked our rates last year and i found a large range of prices, and what we were paying was on the high end. i found a cheaper policy with state farm. i think it just depends on your area, my friend in another state said state farm was high priced for her, but it was a good deal for me. i only found 1 company that was a teeny bit cheaper here than state farm but they wanted a full year paid upfront for the first year, which i didn't want to do

make sure you get death and disability insureance, it costs a bit more but worth every penny if you or your dh should become diabled or die!
my friend and her dh were only in their 40s so did not get this i! if they had the death insureance her mortgage would be paid off in full, but now she still owes 130 thousand

__________________
Always be a first rate version of your self instead of a second rate version of someone else.[SIGPIC][/SIGPIC]
What the country needs is dirtier fingernails and cleaner minds.

But you have to know what types of death are covered. My Dad dropped dead of a heart attack, while feeding his cattle. But if he had been driving while dying of the heart attack, because of the accident, it would've been covered. Read all of the disclaimers to make sure it is worth it.

We have an escrow account set up to handle insurance and yearly tax payments. The amount needed to pay these is added into the monthly payment.

With almost all the companies that we deal with you have to pay the first year upfront and show a paid reciept, the insurance has to cover atleast the loan amount, and the Bank will contact your insurance company with other info. that they need. You also normally get a discount with your insurance company if you have different types of ins. (auto, life, property). As far as the person above said about the life ins. that you will get offered that would pay off the mortgage if anything happened I dont personally recommend this because you are paying the same amount of money for 30yrs (if that is your loan term) for that insurance to decrease, just make sure you have enough insurance to pay off the house if anything happens to you or your SO

I would not get death and disability insurance. It's one of the most expensive insurances you can get. Instead, make sure that you have an adequate life insurance and 3 months salary in the bank.

You usually get a discount for buying your homeowner's and auto through the same company, but shop around to make sure that you get the best buy.

You will need to pay for your insurance and bring proof to closing.

Thanks all. I have plenty of life/disability insurance through work for the both of us, so I am not really concerned about that. I was able to get a few quotes, and my current auto insurance company is giving us the best rate, now if only their stupid website would work long enough so I can order the policy!

__________________
If you really want something in this life, you have to work for it. Now, quiet! The're about to announce the lottery numbers... - Homer Simpson