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Insuring Your Home
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". The buyer may not be the record owner of the property yet, but 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.

So 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. You should know what the agreement between you and the seller stipulates in regard to insurance.

Most agreements provide that the property will be insured for a specific amount. This is very important to both parties. From the buyer's point of view, however, it is 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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