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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 
What classic 1932 movie scene was filmed between 923 and 935 Vendome Street in the Silver Lake district of Los Angeles?

A 
Laurel and Hardy tried to lug a heavy piano up a really long outdoor stairway in "The Music Box."
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Team Loni, REALTOR®, real estate agents and broker for Fauquier, Culpeper and Rappahannock, Virginia home listings, property and land for sale - NUMBER1EXPERT(tm)

Team Loni
Horizon Real Estate, Inc.

211 Broadview Avenue
Warrenton, VA 20186
Phone: 540-351-0001
Fax: 540-347-7934
E-mail: TeamLoni@mris.com

Team Loni's Real Estate website offers local Real Estate agents, those seeking to buy a house or sell a house, or even become a real estate agent an opportunity to view Residential Listings plus discover specific area information, buying and selling tips, relocation, and mortgage information.

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