For this step, you need to call your insurance agent (usually the same company you have your vehicle insurance with). You’ll give them the address of the property, and they should be able to give you a quote right over the phone to tell you how much your yearly premium will be.
If you need a great insurance agent, let me know and I’ll put you in touch with my agent…he’s been great for me over the last 10 years.
If the insurance quote you get is acceptable to you, then there’s nothing further to do except to let your lender know who you have chosen and what the premium is so they can work it into your numbers.
If the insurance quote you get is NOT acceptable, then you will need to let me know that. For example, if the property happened to be a in a flood zone, and the insurance was extremely high, we would want to know that so we could take appropriate action, and possibly even terminate the contract if necessary.
Let me know after you’ve spoken to your insurance agent…thanks!