Why Do I Need Property Insurance Right Away?
Buying a new property is an exciting time, whether it’s your very first purchase or yet another in a string of purchases. Generally, a property settlement takes 30 days before you can officially take ownership of the new house or apartment, but there is one key point that often spreads confusion; particularly among first-time home buyers. (property insurance) And that is the subject of insurance on the newly purchased property. Once you’ve signed the contract, one of the very first things you’ll be advised to do is take out insurance on that property from day one. But wait. I don’t officially take ownership of the property for another 30 days. True and not true. Yes, it’ll be 30 days before you officially take full control of the property and can start moving in all your prized possessions, but under property law , your contract will state that from the first business day after signing the contract you’ll be liable for the property you just purchased. If th...