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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Diane Robinson & Cory Robinson
Lois Schneider Realtor
431 Springfield Ave
Summit, NJ 07901
Diane's Direct: 908-376-2730
Cory's Direct: 908-376-2748
Diane's Cell: 201-321-3969
Cory's Cell: 973-868-0855
Fax: 908-277-0956
Diane's Email: Diane@Robinson.net
Cory's Email: Cory@Robinson.net

Meet the Robinsons… Diane and Cory are life long residents of the Summit/Short Hills, NJ area. They are 3rd and 4th generations to the towns that are along the Midtown Direct Train line into New York City. Diane has been a top producing realtor in Summit, NJ for over 20 years. She works with Buyers, Sellers and Relocating Transferees and produces over $30 million in real estate each year. Cory joined her in 2005 bringing to the team her background in real estate law and expertise in web technology and Green Building. Together they are a dynamic team that will provide you with the finest there is in real estate service. Get on board with the best…

You can find great local Summit, New Jersey real estate information on Localism.com Diane & Cory Robinson is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.

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