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". Although the buyer is not yet the recorded owner of the property, 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.

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. However, it's wise to know what the agreement between you and the seller stipulates with regard to insurance.

Most agreements state that the property will be insured for a specific amount. This is very important to both parties. From the buyer's point of view, it is also 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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Michele Safford
Coldwell Banker Weir Manuel
41860 Six Mile Rd
Northville, MI 48168
248-675-1245
sold@michelesafford.com

Michele is a licensed Realtor with seventeen years of experience in real estate. Her primary areas of expertise are working with sellers and buyers and both family and corporate relocation. She is familiar with Metro Detroit and the Southeastern Michigan counties of Wayne, Oakland, Livingston and Washtenaw. In addition to her real estate license, Michele received her Bachelors degree from Michigan State University and her Masters degree from Oakland University, both in the field of education. She has taught all areas of special education, mentally, emotionally and learning disabled children. She has worked as a Vocational School Presenter. She resides in Northville and has four grown children.

For the last three years Michele Safford has remained the #1 Agent in the Coldwell Banker Schweitzer Northville office. She consistently stays on top of the market trends and has been working with a business coach for several years. With the constantly changing market sellers and buyers need to hire the best real estate expert in the industry. Call 248.675.1245 or email sold@michelesafford.com to meet all your real estate needs.

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