Final answer:
Property insurance is typically not transferable, and a buyer needs to arrange their own insurance at the time of closing or before. It is important to consult with a real estate attorney or insurance broker for guidance on this matter.
Step-by-step explanation:
Is property insurance transferable and when does the buyer need to arrange their own insurance? Generally, property insurance is not transferable when a property is sold, which means the buyer needs to arrange for their own property insurance policy. Once the ownership of the property changes, the previous owner's policy does not cover the new owner.
When buying a property, it is crucial for the buyer to have insurance in place at the time of closing or before. The exact moment when the buyer's coverage should begin can be coordinated with the closing date to ensure there is no gap in coverage. Consulting with a real estate attorney or an insurance broker could provide guidance tailored to individual circumstances and local laws.
It is also important to note that some insurance providers may consider the transfer of a policy under certain conditions, such as a life estate or a trust where the property ownership structure remains intact, but this is a special circumstance and not the norm.