Spring and summer are prime home-buying seasons in Transylvania County, and whether you’re buying or selling, insurance plays a key role in a smooth closing process. At Brevard Insurance, we often see last-minute scrambles that can lead to unnecessary stress, higher costs, or even delayed closings. Let’s break down what both buyers and sellers need to do to stay ahead of the game.
For Buyers: Get Insurance Early to Avoid Last-Minute Hassles
If you’re purchasing a home—especially with a mortgage—homeowners insurance isn’t optional; it’s a requirement before you can close. Many buyers wait too long to secure a policy, which can lead to limited options, higher rates, or even closing delays.
How Soon Should You Get Home Insurance?
We recommend starting the process at least three weeks before closing. This allows time for:
– Getting the best pricing and terms
– Completing inspections if required
– Avoiding last-minute rush fees or limited coverage options
What If You’re Buying with Cash?
Many buyers in Transylvania County pay with cash, and while insurance isn’t a lender requirement in these cases, it’s still critical to protect your investment. Even cash buyers can benefit from shopping for insurance at least three weeks in advance to secure the best rates and coverage.
Flood Insurance: Are You in a Flood Zone?
If your new home is in a flood zone and you’re using a mortgage, flood insurance is mandatory. Flood policies typically take 30 days to go into effect, so don’t wait until the last minute to secure coverage.
For Sellers: Don’t Cancel Your Policy Too Soon!
One of the biggest mistakes sellers make is assuming their realtor or closing attorney will handle their home insurance cancellation. That’s not their responsibility—it’s up to you to notify your insurance agent once the sale is finalized.
When Should You Cancel Your Home Insurance?
Not before closing. Deals fall through or get delayed more often than people expect, and canceling your policy early could leave you unprotected.
After closing. Once the paperwork is signed and the deal is officially done, then you should call your insurance agent to cancel your policy.
Key Takeaways for a Smooth Closing
– Buyers: Secure home insurance at least 3 weeks before closing to get the best pricing and avoid delays.
– Cash buyers: You still need insurance! Don’t wait until the last minute.
– Flood zone buyers: If required, get flood insurance early—policies take 30 days to kick in.
– Sellers: Call your insurance agent to cancel your policy, but only after closing is final.
Have Questions? We’re Here to Help!
Navigating home insurance during the closing process doesn’t have to be stressful. At Brevard Insurance, we’re happy to help buyers and sellers make sure they’re covered. Give us a call today to get started!