If your home is financed or if you are obtaining a mortgage - most mortgagees require homeowners insurance at the time of closing. You will be asked to provide a copy of a paid receipt and declarations page to satisfy your loan requirements.
If you are escrowing and your mortgagee is paying for your insurance, you would need to give a copy of a binder of insurance with a balance due/invoice for them to pay your insurance at closing.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
In California transfer of property is handled by a title company. They receive a list of requirement from the lender. In most cases the lender requires “hazard insurance” that will protect the lender’s interest in the property from loss due to a specified peril. In most cases a homeowner policy is the policy that most adequately fits that requirement. There are other forms of home insurance and some of those might meet the lender’s requirement. It is the responsibility of the title company to make sure that there is current insurance on the dwelling prior to closing and transferring the property.
Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
It is more than likely that you will need to provide proof of Homeowners Insurance among other requirements in order to close on you property purchase. Here in CT it has been common for lending institutions to also require proof of payment of the first year's term premium along with a copy of the binder or declaration sheet from the policy. Your Insurance Professional will be able to coordinate the binding of your insurance protection with you and provide the required documentation to your attorney or to the mortgage company in plenty of time to be sure that everything is handled smoothly.
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If you are escrowing and your mortgagee is paying for your insurance, you would need to give a copy of a binder of insurance with a balance due/invoice for them to pay your insurance at closing.