Insurance guide
What Realtors Should Know About Insurance Before Escrow
Early insurance review can identify underwriting concerns before they threaten a closing timeline.
Insurance availability should be reviewed early, especially for properties in wildfire areas, older homes, unusual construction, prior claims, deferred maintenance, or properties with multiple units and accessory structures.
The insurance professional may need the property address, expected closing date, occupancy, buyer information, lender requirements, and details about the roof, plumbing, electrical system, heating, and prior losses. Starting early provides time to address inspections or underwriting questions.
A quote is not proof that coverage is bound. Escrow should obtain the final evidence of insurance, invoice, effective date, mortgagee information, and confirmation that all binding requirements are complete.