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
Was this article valuable?
Here are more articles you may enjoy.
CEO Sentenced in Miami to 15 Years in One of the Largest Health Care Fraud Cases 
More US Beef Plants May Close as Cattle Herds Keep Tightening 
UPS Ripped Off Seasonal Workers With Unfair Pay Practices, Lawsuit Alleges 
NTSB Unclear Who Was at Controls in Jet Crash That Killed Biffle and 6 Others 
