Buying, Selling, & Renting

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I Found My Dream Home, Now What?

Once you found your dream home, you may be wondering what the next steps are to make that home yours. It is one of the most important decisions in your life as well as one of the most intimidating. Finding and working with the right team will help you through this experience.

Home Appraisal

You will put a deposit down and sign a purchase and sales contract with the real estate firm that is offering the home. In that contract, the sale will typically be contingent on a favorable property inspection, as well as the ability to secure funding based on the home appraisal at or above the offered price.

Proof of Insurance

Once you have satisfied these conditions, your lender will need proof of insurance for your closing.

Contact Your Agent

Contact your insurance agent and give them the information they need about your home. In order to seek the best option available for you, they will need information such as:
  • Location
  • Age
  • Total Square Feet
  • Heat Type
  • Renovation data if applicable
Let your agent know if there is a pool, wood stove, underground oil tank or trampoline, and if you have any dogs in the household. When applying for personal insurance, your past financial history will be a factor in the rate. Insurance companies will offer a better rate to someone who has exhibited the ability to pay their bills on time. These questions are part of the normal underwriting process.

Amount of Insurance

Your agent will then determine the amount of insurance needed to rebuild your home, minus the land value.

Coverage and Pricing

The quotes will be done with the various carriers to determine who will offer you the best coverage and pricing.

Coverage Binding

Once you and the agent agree to move forward, an application will need to be completed with payment to bind coverage.

BINDER

Upon receipt of that application, the binder is produced and sent to your lender showing their interest in the property.

Coverage Start Date

The new policy typically takes a week or so to be issued, but you will be covered as of the date you close on your new home.

Congratulations!

Congratulations, you are now the proud owner of your new dream home!

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