![]() Another option is to include that premium in your closing costs. Homeowners insurance premiums are due yearly, in advance. You may pay your first year’s premium directly to your insurance company before closing. Ask your lender ahead of time about what exactly must be listed on that binder to avoid the need for corrections. You may select whichever insurance company you wish, so long as the coverage amounts are sufficient for your property. The binder provides important information about your insurance policy and must specifically list your lender. Securing Homeowners Insurance Before Home Purchases in MAīefore your scheduled closing, you must provide your mortgage company with a homeowners insurance binder. Here’s what you need to know about homeowners insurance. If it’s your first time buying a home, you may be wondering what is required before and after closing. Homeowners insurance is required for home purchases in MA. ![]()
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