Let's learn the process of how we get insurance when buying a house!

1. I’m buying a house!!
Oh yeah, I guess it needs insurance…

2. House Buying Process
• Want
• Work with a realtor and shop
• Get financing
• Put in an offer
• Get offer accepted
• Inspection
• Closing
• Party like it’s 1999
But what about Insurance??
(612) 274-5998
rhea@putyourrootsdown.com

3. House Buying Process
• Want
• Work with a realtor and shop
• Get financing
• Put in an offer
• Get offer accepted
• Inspection
• Closing
• Party like it’s 1999
• Contact your agent
• Give your financer and realtor your agent’s info
• Your agent will prepare a quote
• Let your agent know
• Your agent will begin the application
• Contact your agent if the financer requires anything
additional.
• You sign the applications
• Agent will contact you 1-3 days before closing to
ensure no hiccups
• Policy issued and you’re covered day of closing

4. Who Pays My Insurance?
• About 90% of homes that have financing have an Escrow Account.
• As you pay your mortgage, some of the money is to fund this account.
• Your mortgage company is responsible for paying the homeowners insurance
from your escrow account.
• Bills will go directly to the mortgage company with a courtesy copy to you.
• At closing, your lender will write a check for the first year’s insurance.
• If and when your home is paid-off or if you close your escrow
account, you would then become responsible for paying the
insurance.