Norman-Spencer Agency, based in Dayton, Ohio, is now offering an insurance program that provides expense coverage due to closing delays for home buyers — Insure My Closing.
The new program is backed by an A++ rated carrier and is available in 28 states. It provides home buyers the ability to receive reimbursement for lodging, storage, meals, and pet boarding expenses as a result of a delayed real estate closing.
According to Norman-Spencer, National Association of Realtors data shows that approximately 25 percent of residential real estate transactions experience closing delays. Insure My Closing was developed by Paul Hayes, who is a Pennsylvania realtor. Hayes says it is “difficult to hold anyone accountable for the increased expenses a buyer may experience due to a delay.”
Pricing for Insure My Closing begins at $199 and is based on overall policy limits and transaction timeline. Expansion into all 50 states is planned for early 2020.
Source: Norman-Spencer Agency
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