June 18, 2013


So I got a call today from our mortgage broker telling me that she contacted our insurance company to obtain proof of insurance for the new condo.  Which of course they couldn't provide her as I haven't taken out a policy yet seeing as we don't even have an official closing date.

How am I supposed to insure a property that I don't even own.  This does not make sense.  But the mortgage broker is acting like she needs this right away and asked me to call the insurance company today to get it taken care of.

So tomorrow, I am signing an insurance policy that will start on July 1st.  Even though, as I've mentioned, I don't know yet if we will be closing on July 1st.  It could be later.  So I could be paying for insurance for a condo that I may not actually own.

Does this make sense?  Not to me.


  1. Makes no sense at all. Does your mortgage broker understand you don't own the place yet? I think there must be a misunderstanding. I didn't even think you could insure things that were not legally yours.

    1. It doesn't make sense at all. I did take out insurance on the condo that we don't officially own yet. The policy starts on July 1st. I don't have an official closing date yet. The contract said July 10th but our mortgage broker told the insurance company July 1st because she's hoping to move the closing date up. The good news is the policy ended up being $38 less than what I was originally quoted.

  2. We have to have it in place and the insurance agent usually needs to change the starting date of the policy. I always set the closing date right away though.