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Real Estate Tips
Insurance >Hazard Insurance

Are you considering taking out hazard insurance on a property before you actually take title? It may be a good idea!

Even though you are not yet the owner of record, as the buyer, you have an insurable interest in a property the moment that you and the seller execute the sales agreement. As a matter of practice, however, buyers do not usually take out insurance until the papers change hands, and it should not be necessary if the agreement of sale is properly executed.

It is very important to both parties that the agreement states that the property will be insured for a specific amount. From the buyer's point of view, an adequate sum must be stipulated, and the agreement should not read "as now insured", which can indicate that the seller may not want to increase the insurance.

As a general rule, the amount of insurance on the buildings on a property should equal the sales price, less the value of the lot.

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Real Estate Trivia
Q 
What is the average age of a first-time homebuyer in the United States today?

A 
The average age of a first-time U.S. home buyer is 32 years.
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Ryder, REALTOR®, real estate agents and broker for Colorado Springs, Ft. Carson and Briargate Colorado home listings, property and land for sale - NUMBER1EXPERT(tm)

Jeff Ryder
The Jeff Ryder Team

RE/MAX Properties, Inc.
1740 Chapel Hills Dr.
Colorado Springs, CO 80920
Tel: 719-593-SOLD
Cell: 719-380-1765
Fax: 1-866-804-1302
Email: jeffryder@NUMBER1EXPERT.com

Jeff Ryder moved to Colorado while serving in the US Army at Fort Carson as a Flight Paramedic. If you look at Jeff's picture and say "I think I know him from somewhere", it may be due to his career before selling homes. After leaving the military, Jeff spent 5 years as a newscaster for television stations in Florida and Colorado. The last three years were in Colorado Springs on 11-News. Jeff is married to Kassie. They have two sons, Clayton and Kyle.

Equal Housing MLS REALTOR


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