1. 37376 POINTS
    David G. Pipes, CLU®, RICP®PRO
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    A homeowner’s policy should start the moment that you become the owner of the home.  Your lender will make that a requirement and the title company will normally enforce it rigorously.  If you are contemplating the purchase of a home, may I suggest that you determine which agent will handle the transaction and give their name and telephone number to the title company?  That eliminates most errors that occur.
    Answered on August 28, 2014
  2. 730 POINTS
    Darald Novak AAI
    Retired Agent and Broker, Self Employed, Albany NY USA
    In New York, almost all policies that would cover a home would commence at 12:01am. The effective date would be the date the owner creates an insurability interest in the property. Say you make a $50,000 down payment on a house but the closing will not be for 21 days. You now have a $50,000 insurable interest that must be protected. But you may not be eligible for homeowners insurance (occupancy requirement of the policy.) There are various ways to insure your $50,000 interest in the house. Consult an attorney specializing in real estate transactions as well as one knowledgeable about insurable interests. You may be able to be named on an existing policy held by the seller. Make sure whoever you consult is acting in your best interests.
    Answered on October 21, 2016
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