Residential Buyers or Purchasers Under Contract Insurance

In this section we consider ways to insure a residence that is purchased as a primary, secondary or seasonal residence that you, the purchaser, are not the deed holder, yet you have entered into an agreement that you are purchasing the property. Sometimes this is considered a prepossession arrangement. The fact is you are establishing equity in a property that you do not have a deed to. Plus, you have liability exposures because of your presence there. The deed holder's insurance will not protect your interests. The question is what is the best way to protect your interests?

Each case should be considered on its own merits. However, some options include getting a homeowners insurance policy with an insurer that understands your unique situation and will provide coverage with the proper clauses to address it. In most cases the land contract purchaser (PUC) will be paying the insurance premiums for the policy while the land contract seller (SUC) will only be listed on the policy as additionally insured for property or liability losses. We are the solution for helping you do this in New York State. Contact us at 607-843-8860 or insurance@drickardinsurance.com.

Sometimes due to the condition of the property a Dwelling Fire policy may be the only choice an insurer will offer. Or, if the home has more than two residence units a Landlord Policy may be the most likely option for the insurance coverage you definitely need. We will help you navigate these waters when you contact us at 607-843-8860 or insurance@drickardinsurance.com.

Would you like a sampling of our premiums? Just answer a few questions about your home. Please call us at 607-843-8860 or contact us via email at DRickard Insurance with all the details you can think of.