Property Insurance Objection Deadline

REAL ESATE BROKER: Provide list of recommend Insurance Agents

Your Real Estate Broker can provide you with a list of recommended Insurance Agents. You're welcome to choose any Insurance Agent you want whether they are on the list or not.

Mark this complete when done.

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If you haven't already, determine your Insurance Agent

If you have already done so, decide which Insurance Agent you will use to insure your home purchase. You'll need this once you go under contract, but you'll want to do it earlier so you can get an estimate of insurance for analyzing deals.

You can ask your Real Estate Broker for recommendations.

Mark this task complete once you've decided on an Insurance Agent to use.

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Get Insurance Quote

Now that you're under contract, it is time to get a firm Insurance Quote from your Insurance Agent.

If you are unable to get reasonable insurance on the property, you need to tell your Real Estate Broker prior to the "Property Insurance Objection Deadline" to be able to terminate and get your Earnest Money back.

Mark this task complete once you've gotten an acceptable Insurance Quote.

Contract Deadline: Property Insurance Objection DeadlineUltimate Nomad ChecklistWeek 9

IF RENTING IMMEDIATELY: Consider "Loss of Rent" insurance

If you're immediately going to have a Tenant or Tenant-Buyer in the property, you should discuss with your Insurance Agent getting "Loss of Rent" coverage to cover you in case you can't collect rent on the property.

Contract Deadline: Property Insurance Objection DeadlineUltimate Nomad ChecklistWeek 9

IF CONDO: Consider Loss Assessment Coverage

If you are buying a townhome/condo, we would also suggest asking your Insurance Agent about Loss Assessment Coverage. It protects against additional assessments by the property association that wouldn't already be covered by their insurance, but I'd check with your agent about exactly what it would cover.

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Discuss changing deductible to change Insurance Quote

Discuss how changing your deductible with your Insurance Agent might change the monthly cost and see how much risk you're comfortable with.

Contract Deadline: Property Insurance Objection DeadlineUltimate Nomad ChecklistWeek 9

IF TERMINATING: REAL ESTATE BROKER: Prepare "Notice To Terminate" and "Earnest Money Release"

If you cannot find acceptable insurance, let your Real Estate Broker know prior to the Property Insurance Objection Deadline so they can prepare a "Notice To Terminate" and "Earnest Money Release" with enough time for you to sign it and deliver it to the Seller and the Seller's Real Estate Broker prior to the Property Insurance Objection Deadline.

Contract Deadline: Property Insurance Objection DeadlineUltimate Nomad ChecklistWeek 9

IF TERMINATING: Sign "Notice To Terminate" and "Earnest Money Release" via DocuSign

If you cannot find acceptable insurance, sign the "Notice To Terminate" and "Earnest Money Release" your Real Estate Broker sent over via DocuSign.

You will need to sign it and have your Real Estate Broker deliver it to the Seller and the Seller's Real Estate Broker prior to the Property Insurance Objection Deadline to protect your Earnest Money.

Contract Deadline: Property Insurance Objection DeadlineUltimate Nomad ChecklistWeek 9

IF TERMINATING: Save "Notice To Terminate" and "Earnest Money Release" to Dropbox

Once you sign the "Notice To Terminate" and "Earnest Money Release" via DocuSign then save a copy of each to your property folder in Dropbox.

You'll replace the "Earnest Money Release" once the Seller signs it as well.

Contract Deadline: Property Insurance Objection DeadlineUltimate Nomad ChecklistWeek 9

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