You’ve spent weeks, maybe months looking for “the one,” and you finally find it! Ahhh, the perfect property. You are completely pre-approved for a loan and have locked in at a great rate. Escrow is moving forward, the inspection is complete and then BAM…you hit a brick wall. You can’t find high brush insurance for Closing Escrow.
Why can’t I just take over or assume the same insurance as the current home owner?
It seems this would be the easiest solution and make the most sense, but it doesn’t work that way. The current homeowner probably attained coverage years/decades ago and are grandfathered into their existing policy. Most carriers have pulled out of high brush areas all over California and are not taking on any new business in those regions. As a new buyer, you are considered a new policy.
Is it possible for a company to decline high brush insurance for closing escrow at last minute?
Yes and no. At Einhorn Insurance, it’s common to get calls from a frantic home buyer or realtor hours or days prior to close of escrow. There are many insurance agencies that claim they are high brush experts and don’t know how to properly read the fine print or underwriting guidelines which can cause a policy to be declined once it’s submitted to be issued. It is not until these agents hit the “issue” button, that they realize the policy can’t get bound. By this time, you may be hours from closing escrow.
Our agency has been issuing high brush insurance for escrow closings for a decade. We have vast experience and developed great relationships with underwriters.
Can my high brush insurance be cancelled after escrow?
Once a policy is issued, an inspection team from the respective insurance company goes out to view the property. In some instances, after physically seeing a home, they may decline coverage. This is usually due to a specific fire hazard or the condition of the property isn’t suitable. Usually, insurance carriers will give you a chance to fix “issues” within a certain timeframe and provide a list of conditions that must be satisfied in order for the policy to stay in force. We wish insurance carriers would inspect properties prior to binding coverage, but due to time restrictions, volume of quotes, and cost, this isn’t feasible. If you own a large property, there are a handful of high value and high net worth carriers that will do a pre-inspection prior to putting a policy in effect.
At Einhorn Insurance, our #1 priority is helping California home buyers close escrow on time. We will do our best at getting policies issued immediately. Our agency works directly with your loan processor, lender and escrow agency to provide them with the necessary insurance information. We understand how picky lenders can be when it comes to insurance and know how to make them happy. After all, no loan….no house. We don’t want insurance to cost you your dream home.
For more information on High Brush Insurance for Closing Escrow in California, visit https://einhorninsurance.com/wildfire-insurance/ and click the GET A QUOTE button. You can also call 619-466-4644 x2, but it’s best to request a quote via the website for the quickest response. In the comments section of the quote request, please let us know you are closing escrow and the estimated closing date.
We look forward to assisting you.