Process · 6 min read
When should I shop for homeowners or condo insurance, and what do I need?
August 3, 2026 · Written by Bill Egan, NMLS 7342
Short answer
Start as soon as you are under contract — earlier if you already have a target address. The loan cannot fund without a binder that names the lender correctly. Shop two or three quotes with the same coverage, not the cheapest number with a hole in it. We give you the mortgagee clause and loan number. You still pick the carrier. Egan Financial Group LLC does not sell insurance.
01
Why this comes up
The closing date is on the calendar and nobody has a policy. You were told “insurance is easy,” then three carriers decline the roof, the condo master policy is a mystery, or the quote you liked will not name the lender. That is when people call us in a panic.
02
Where this goes wrong
It blows up the week of closing. The binder is missing the mortgagee clause or the loan number, so underwriting will not accept it. A condo file is waiting on the association’s master-policy certificate and an HO-6 the buyer never ordered. Flood is required and nobody started that application. The lock is burning while an agent “gets back to you Monday.” We cannot send the money without a binder that actually covers the house.
03
What we do about it
We do not sell the policy. We tell you, early, that a binder is a condition of funding. We send the mortgagee clause, the loan number, and our insurance mailing address as soon as the file has them. If it is a condo, we ask for the master policy and the unit coverage at the same time as the HOA questionnaire — not the day before signing. If the first binder is wrong, we say what is missing the same day instead of letting it sit.
04
How to get ready
Call an agent the day the contract is signed, not the week you close. Have this on one page: property address and unit number, year built, square footage, roof age if you know it, purchase price, and the closing date. For a condo, the HOA manager’s name and whether the master policy is “bare walls” or broader. When we send them, add the loan number and the mortgagee clause — usually the lender’s legal name, ISAOA/ATIMA (its successors and/or assigns), the loan number, and the property address. Ask every quote for replacement cost, the deductible, and whether the lender is listed exactly as we wrote it. Shop two or three carriers with the same dwelling limit; a cheap policy that underinsures the rebuild is not a deal. A higher deductible can cut the premium if you still have cash after closing. Bundle auto only if the combined number is actually lower. If the house needs flood insurance, start that the same week — it is a different policy and it is slow. Bring us the binder. We will tell you if it will clear the file.