Insure My Closing, a new insurance program that provides expense coverage due to closing delays for home buyers, has been launched and is available in 28 states. Offered exclusively through Norman-Spencer Agency and backed by an A++ rated carrier, the program provides home buyers the ability be reimbursed for lodging, storage, meals and pet boarding expenses as a result of a delayed real estate closing.
Based on the research from the National Association of Realtors, approximately 25% of residential real estate transactions experience closing delays. The product was developed by Paul Hayes who is also a Pennsylvania Realtor and created the product based on his own experiences.
The coverage was created to be offered by the real estate community to offer home buyers protection against certain unexpected expenses and give some peace of mind as they enter a real estate transaction.
Pricing begins at $199 and is based on overall policy limits and transaction timeline. Expansion into all 50 states is planned for early 2020.
Norman-Spencer provides insurance services to clients and insurance buyers nationwide with proprietary in-house property and casualty insurance programs covering real estate, transportation, construction, professional lines.
Topics New Markets
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