Hi. I bought a house 2 month ago and realized that the effective date on my HO policy is 2 days before i closed on my house, is the policy valid?
Free Insurance Quote Comparison
Secured with SHA-256 Encryption
UPDATED: Oct 19, 2015
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.
Insurance Question from Brooklyn, NY
Asked on 10/19/2015
Hi. I bought a house 2 month ago and realized that the effective date on my HO policy is 2 days before i closed on my house, is the policy valid? NULL
Answer given on October 20, 2015
Often times when a home is purchased, the lender and closing company require a policy with a date that may not match the actual closing date, since sometimes there is a delay in the closing due to paperwork or other issues. Often times the lender or closing company requires that the policy be effective a couple of days early as they need proof of insurance before they will actually fund the loan. The different effective date from the policy and the closing will not affect the validity of the insurance policy. It would actually be more of a problem to try to change the effective date. Some insurance companies would require the policy be cancelled and rewritten, rather than just change the date on the existing policy. This could present problems with your lender and would not be worth the trouble.You can talk to the lender if it makes you more comfortable, but I would simply ignore the effective date difference.
IMPORTANT NOTICE: These answers are for general information purposes only and are provided by the person answering and FreeAdvice.com AS IS. It has not necessarily been reviewed by the management staff of FreeAdvice.com nor is it binding any insurance agent, broker, or other insurance professional or any attorney or insurance company. Insurance laws, regulations and practices vary from state to state and insurance policies and practices differ from company to company, by type of policy, by state and locality and by type of insurance. Tiny variations in the facts, policy language or a detail not set forth in a question often can change the outcome or a professional's conclusion. Although FreeAdvice.com has confirmed that the answer(s) was/were provided for the account of an experienced insurance professional, that professional may not be licensed in the state referred to in the question, and may not be experienced or up to date in the subject area. Unlike the answers provided here, upon which you should NOT rely, for personal advice you can rely upon we suggest you consult a licensed insurance professional in your area or retain a licensed attorney listed on AttorneyPages.com to represent you.