The New Home Buying Process, How to Get New Insurance for a New Home

Buying a home is a difficult process. If you add in shopping for a new a insurance carrier it can be downright daunting. Not to worry thought, as it is all very achievable.  I hope you enjoy New Insurance – New Home.

How to Get New Insurance when Buying a New Home:

From an Insurance Broker/Agent’s perspective though, this is the common sequence of events and how they unfold:
1. Shop for An agent or Broker, either through friends, mortgage broker, or online through blogs and yelp.
2. Contact that Insurance Broker and give them the address of the property, close date, and answer all of their questions.  It you have urgent specific needs, tell them to the Agent upfront.
3. Receive back a series of non bindable price indications
4. Choose an Insurance Company, Increase/ Decrease Coverages and Deductibles, Add on any endorsements.
5. Receive a bindable insurance quote with the current estimated close date. Choose your payment method and mode.

New Home New Insurance

Choose your Insurance Carrier wisely

6.  If you have a mortgage company, have them confirm that the coverages offered will satisfy their mortgage clause.  I suggest that you get their approval in email format.
7. Sign documents either online or via email or in person.  MIS LLC strives to use e signature as much as is possible.
8. Your Insurance agent will then work with your title folks, mortgage people, and to a lessor extent your real estate agent.
9. You may receive a notice from either your insurance broker or mortgage professionals that the insurance, as proposed, is not in their opinion what they are willing to accept.  Changes may need to be made.

Get A Quote

10. Wait for the sale of the home to close.   Your insurance will go into force on the same day.
11. The insurance company may have the right to inspect your property, either in person, or they may just view it from the outside. The insurance company may waive this right. After viewing the property they can, with notification, cancel your insurance or make recommendations to fix something.
12. Set a follow up meeting either online or in person with your agent to review your coverage and add any lingering endorsements such as High Value Items that you forgot, or anything else that seems useful.   If you have any significant changes to your life, tell your broker as well.

“get your broker picked out at least three weeks before close”

General Notes:

The preferred method of payment these days is the escrow close.  The escrow close allows your title company to collect the necessary funds with all of the other monies moving around.   This assists in a number of ways.  If your property,  does not close, the insurance does not go into force.  If the property sale is slightly delayed, it will slightly delay the payment of the insurance.   There are sometimes, in rare situations, occasions where other types of insurance payments may be required by your lender.   Be sure to tell your broker if you lender is requiring something other than the escrow close payment method.

Insurance, unlike setting up your Mortgage, is not something that is written in stone.   You can change your insurance policy mid year.  Actually I encourage it in some cases.  You may also cancel your policy in most situations.  Note, if you are in the rare situation when you are buying a so called non admitted insurance policy this has different rules.


The key here is to start with the insurance process early. Get your Insurance Broker picked out at least 3 weeks before close. Pick out your Insurance Company and options at least 2 weeks before close. Communicate often with your mortgage company about what insurance you are selecting, believe it or not, they can refuse to accept certain policies. Do not lie to your insurance agent about the existence of past claims, dog history, anything really, as it can blow up in your face.   Share your insurance agent and title contact names with each  other.

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Marin Insurance Broker Scott W Johnson

Please read out disclaimer.

Marindependent Insurance Services – 0K10734 – Independent In Marin County California.