Many of us try to do everything at once when we sell our homes. We want to make sure nothing is forgotten or that we are on schedule to get our home ready in time to sell. We sometimes look at the big picture and often other important items may be forgotten or just not thought about. One of these may be house insurance. We all need insurance on our homes to make sure that in the case of any unforeseen event we are covered. When we are selling we may need to think about added coverage also.
Here are a few things to think about. (Note: Every insurance company is different so just give a quick call to make sure you are fully insured.)
Did you know about the following vacancy rules?
A lot of insurance policies require that if your home is vacant for more than 4 days (some companies require less time) you need someone to check daily on your home to make sure there is no damage from water, sewer backup, etc. or your insurance won’t cover the damage.
If your home is vacant more than a month (e.g. rental property or you are on vacation) that any water damage, fire etc., even though you are paying your premiums, your insurance company can deny coverage. You may have to purchase a vacancy permit within the 30 days of vacancy.
Make sure you also check with your insurance company when you are selling because you will have extra people on your property during open house and showings. You may need additional insurance for this (i.e. trips, falls, etc.). Always make sure your valuable jewellery, coins etc. are kept in your safety deposit box until your home is sold or valuable artwork or mementoes are stored in a secure place.
Are you doing any major renovations? Check with your insurer again. If you have added an extension to your home or added a garage etc. which can change the size of your home, you may be surprised to learn that your premiums don’t cover the added changes. It would change the size of your home, therefore, your premiums may not cover your recent updates.
If you have any further questions on insurance, contact your broker or insurance representative.
Contact the Winch Walton Team for any questions you may have on buying, selling or staging your home.