No lender will give hundreds of thousands of dollars to a buyer for a mortgage unless the property and its contents are insured. Before closing the buyer must obtain a binder from his or her insurance company. The binder must be available at the closing, or the closing will not take place. Generally speaking, it does not take long to obtain a binder, particularly for a single-family home, but that is not always the case. Getting a binder for a multi-family house can take a considerable amount of time because of the age and condition of the property. Unless the insurance company is contacted early, and several weeks is not necessarily considered early, you may not be able to close on the property. This not only impacts your current transaction, but may also impact any closings that are dependent on your closing to occur.