Insure the Property

Get Insurance Cover Immediately
Make sure the insurance policy covering the house comes into force from the date of settlement. Once you have agreed to buy the house, you must go through with the purchase - so even if the house burns down before moving in, it needs to be covered.

Often an insurance policy of a property is taken over by the purchaser from the seller. Your lawyer will obtain details of the existing insurance and revise it to the amount of cover you want. You may wish to arrange for the insurance to be transferred to a USA insurance company of your choice and this usually can be done.

If you are borrowing money the lender sometimes may ask you to insure with a company they nominate, otherwise you are free to make your own choice.

Be guided by the insurance company or your insurance broker as to what value the house should be insured for. In general, it should cover the present day value, but since values fluctuate over the years, review the amount of cover at regular intervals.

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