Buy insurance before closing?

[Hai Vu]

Do you buy the property insurance before you even close on the house? I have obtained some quotes and esurance seems to be the lowest priced insurance. Any recommendations?

[Lynn Dee Murrow]

You should buy a policy that goes into effect the day OF closing, not before. Usually, if you tell them you are buying a property they will work with whoever is handling closing to provide all docs and collect funds at closing. The important thing is to make sure you have insurance the day of closing and no later so the property is covered the whole time you own it. Be sure to walk the property, or get someone to take a look at the property if you are investing far from where you live or work, just before closing to make sure nothing has happened just before close. You do not want to find out their was a fire or flood or vandalism after you close on the property!

Enjoy your new rental property!