Buying a new home is an exciting journey but ensuring a smooth closing process requires careful planning — including securing your Homeowner’s Insurance policy on time! At Pulte Mortgage, one of the biggest causes of delays in customers receiving their final cash-to-close information is the late submission of Homeowner’s Insurance details.
Homeowner’s Insurance protects your investment by covering potential damages from fire, storms, theft, and other covered perils. Lenders, including Pulte Mortgage, require proof of an active policy before finalizing your loan. Without this, your closing could be delayed, which is why securing your policy early is crucial.
When to Secure Your Homeowner’s Insurance
At least 2 months before closing – Begin researching insurance providers and comparing policy options. This process can take time, so getting started early ensures you find the right coverage at the best rate.
45 days before closing – You will receive a To-Do notification on your Loan Dashboard requesting your Homeowner’s Insurance details. You’ll need to submit this information within one week to avoid any delays.
At least 2 weeks before closing – If your Homeowner’s Insurance information is not provided by this time, your ability to receive final cash-to-close figures and close on time may be at risk.
When submitting your Homeowner’s Insurance policy details, be ready to provide:
- Homeowner’s Insurance Company Name
- Insurance Agent’s Name
- Insurance Agent’s Phone Number
Providing this information promptly allows Pulte Mortgage to finalize your loan details and keep your closing timeline on track! And regardless of who you obtain your Homeowner’s Insurance policy through, you’ll want to tell them you’re working with Pulte Mortgage for your financing. Your insurance company may also ask you to provide your Purchase Agreement number, appraisal, closing dates, and other property-specific details. Once your policy is in place, be sure to ask your Insurance Agent to bind your policy. “Binding” your policy is like a firm handshake where a commitment of coverage is bound to be provided—serving as a placeholder until your homeowner’s policy is finalized.
To keep your homebuying process on track and stress-free, make securing Homeowner’s Insurance a top priority. By starting early, you can help prevent delays in receiving your final cash-to-close information, keeping your closing on schedule.
Should you like to inquire with our affiliated insurance company, Pulte Insurance Agency, they would be happy to help answer any questions and provide you with a fast, no-obligation quote. Pulte Mortgage LLC and Pulte Insurance Agency are both subsidiaries of PulteGroup, Inc. (Note: Advertisement link will take you from this website to Pulte Insurance Agency’s website.)
If you have any questions pertaining to Homeowner’s Insurance, contact your Pulte Mortgage Loan Team. They are here to assist you every step of the way!
