There is probably one thing we all kinda sort of hate to pay for and that is insurance. Car Insurance, health insurance, and even homeowners insurance. But when we need it, it’s a pretty hand thing to have. But, PoliHomeowners Insurance – Do You Have The Right Policy?
A perfect example is when my clients don’t realize that they need a landlord policy when they rent their home out. If a tenant burns down their house and they don’t have a landlord policy, they’re out of luck! Or clients buy a house and don’t move because they plan to renovate. The house is vandalized, but the carrier never knew it was a vacant home… Again, they’re out of luck. Let me remind you now to call your insurance agent and get the information you need to have the right policy.
You may pay more, but it will save you thousands if something goes wrong.
Make sure you have the right kind of hazard (homeowner’s) insurance for your property
It is very simple to set up your homeowner’s insurance when you are closing on a new house or condominium and moving in within a day or two, but there are many other situations in which you the buyer and/or seller should confirm that they are protected by insurance:
1. Buyers have sold property in another state and moving belongings here: Are their possessions covered in transport by either the old policy or the new one?
2. Buyers are closing now but not moving in for a few months (e.g. when school is out): Does their policy cover damages or vandalism to a vacant house?
3. Buyers are closing now but doing extensive remodeling work for 3-6 months before moving in: Does their policy cover injuries to contractors (or even nosy neighbors) in the house? Is the house covered while it is still vacant?
4. Sellers are closing but staying in the house for a few months: Does their previous homeowner’s policy protect them or the new owners? Should the buyers have a landlord policy until they actually move in?
5. Sellers allow the buyers to move in prior to closing: Should the sellers convert their policy to a landlord policy? Does it help for the buyers to start coverage on their policy?
These questions can only be answered by the insurance agent who is insuring the property. Make sure you have all questions and answers in writing in case it is necessary to file a claim. Once a claim is made for damage, theft, or injury, it is too late to correct the policy.
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