Wednesday, November 22, 2006

Buyers Get Insurance During Inspection Period

Acquiring Insurance During the Inspection Period
The real estate company that I work for, Reece and Nichols, is going to start requiring that buyers get an insurance commitment with a binder during the 10 day Inspection Period... and I think it's a great idea.

I have to say that I have been telling my buyers for the past 8 months that this was coming. I haven't had any last minute problems with clients not being able to get their prospective homes insured because I've been suggesting that they contact their insurance company during the 10 day inspection period.

It saves a lot of time and hassles and you are not hung out to dry one week before closing because the insurance company went out to take pictures and prepare for insuring the property and they found something not pleasing. There isn't anything worse than a call from your insurance company that says:

"Houston we've got a problem!" (I guess that would be Kansas City in this instance :)

Surprisingly enough, yesterday in sales meeting our broker told us that with the contract changes for the upcoming year, he's heard changes that include the requirement that the insurance commitment with a binder will be required within the inspection period.

Quite frankly I'm glad! I guess when you lead the industry in Kansas City Real Estate, you should lead by example.

© Fran White, REALTOR 2006

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