Question about closing and homeowners ins.

                Hi everyone.  The last month and a half has been a whirlwind.   We put an offer in on a condo and it was accepted, and things have just been moving.  Closing is on Tue, I got a break down of my closing costs.  Thanks to this forum....I understand almost A LOT of the terminology...lol.  

 

                But one question and I will def check into this tomm or Mon.   I contacted our insurance company, b.c being a first time homebuyer was told we need proof of homeowners to close.   20 minutes on phone with Geico last week, and the buy asked for my mortgage lady's number, gave me a quote and said no payment is due at this time (I would have paid then).   SO....being that I did not pay for it last week, I was assuming that I would see it in my closing cost break down, but....its not there.    So my question is, will I have to bring a seperate check to pay for it, OR, was it overlooked and I have to call them?   Thanks again...

 

Lauren

 

 

 

 

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Permalink Reply by Wayne Brooks on March 22, 2013 at 3:59pm

There should actually be insurance charges for 1 full year plus probably 2 to 4 months(probably in the 900 and 1000 section on the HUD).  It may be listed together with the property taxes, also 1 year in advance, as Escrow or PrePaids.

Permalink Reply by Simon Campbell on March 23, 2013 at 1:15am

Yes it is true that you will need proof of homeowners insurance to close.  This is a requirement of the lender.  I am assuming that you submitted a copy of the policy binder and the invoice to your title company.  If not, then this needs to be done right away.  If the title company has the invoice/proof of insurance, then it should be in the closing somewhere or it will be part of your escrow payments.  If you still cannot find it, just give the title company a call and ask.

Permalink Reply by michelle Meyers on March 24, 2013 at 7:01am

you or your agent can submit your invoice or quote from the insurance company to your escrow company for payment at close.  Your lender may not close without seeing that on the HUD.  If you are paying cash - insurance is not required....

Permalink Reply by Lauren O on March 24, 2013 at 11:13am

Hi everyone and thanks for the responses.   We are going to touch base with our atty tomm about it, but just in case, we saved a quote online too, and it will be all set.   I see title insurance, then below it it says "title insurance homeowners policy (90,000) and our name....BUT, that charge was only 32.00, so that was why I do not think it can be our yr premium for homeowners.  

 

Hope you are all enjoying the weekend and thanks again.    

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