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Real Estate Tips
Insurance >Hazard Insurance

Are you considering taking out hazard insurance on a property before you actually take title? It may be a good idea!

Even though you are not yet the owner of record, as the buyer, you have an insurable interest in a property the moment that you and the seller execute the sales agreement. As a matter of practice, however, buyers do not usually take out insurance until the papers change hands, and it should not be necessary if the agreement of sale is properly executed.

It is very important to both parties that the agreement states that the property will be insured for a specific amount. From the buyer's point of view, an adequate sum must be stipulated, and the agreement should not read "as now insured", which can indicate that the seller may not want to increase the insurance.

As a general rule, the amount of insurance on the buildings on a property should equal the sales price, less the value of the lot.

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Real Estate Trivia
Q 
During what months of the year do most people move from one home to another?

A 
Most moves occur between the months of May and September.
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Thomas Gooch, REALTOR®, real estate agent and broker for Dallas, Fort Worth and Corpus Christi, Texas home listings, property and land for sale - NUMBER1EXPERT

Thomas Gooch
American Residential Communities

704 Central Parkway East Suite 1208
Plano, TX 75074
866-912-6446
Fax: 972-692-8031
thomasgooch@NUMBER1EXPERT.com


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