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Fire and Contents Insurance
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Purchases of residences (that are NOT condominiums) CANNOT be completed without a FIRE INSURANCE BINDER being provided to the purchaser's lawyer prior to closing the purchase. Make sure your insurance agent faxes to the lawyer the fire insurance binder for GUARANTEED REPLACEMENT COST prior to closing if you are buying a residence that is not a condominium.
If the residence is a condominium, although the condominium corporation will have insurance for the entire project, it is necessary for the unit owner to arrange insurance for the contents of the unit purchased and for public liability. Make sure that such insurance is placed before closing to be effective on the closing date and that such insurance covers any deductible that might become payable to the condominium corporation for a claim under its insurance. In some cases, some mortgage lenders and builders require such condominium unit insurance for contents and liability to be in place prior to finalizing the occupancy closing.
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