What Know About Home Insurance When Selling, Buying, and Moving

Selling your home, buying a new one, and moving can be an exciting yet stressful experience. Amid the paperwork, logistics, and planning, your insurance coverage is one aspect you don’t want to overlook. Here’s what you need to know about your home insurance during this transition.

Selling Your Home: Keep Your Policy Active

Even after accepting an offer, your home insurance policy should remain in place until the sale is finalized. Here’s why:

• Protect Against Last-Minute Damage – If a storm, fire, or other incident damages your home before closing, you could still be financially responsible.
• Liability Coverage – If a potential buyer or real estate agent is injured on your property before the sale is complete, your homeowner’s insurance can help cover medical expenses and legal fees.
• Vacancy Considerations – If you move out before selling, notify your insurer. Some policies have restrictions or may require vacant home coverage to keep your property protected.

Buying a New Home: Secure Coverage Before Closing

Mortgage lenders typically require proof of homeowners insurance before finalizing a loan. Here’s how to prepare:

• Compare Policies Early – Start researching coverage options well before your closing date to ensure you have the right policy in place.
• Consider Coverage Beyond the Basics – Standard policies cover your home’s structure and belongings, but consider add-ons like flood insurance, extended replacement cost, and liability coverage.
• Bundle for Savings – If you already have auto or other insurance policies, compare bundling verses a stand-alone policy.

Protect Your Belongings During the Transition

Your homeowners insurance may provide some coverage for your belongings while in transit, but it’s important to understand the details:

• Check Your Policy for Moving Coverage – Some policies cover personal property while being moved, but there may be limitations on damage or loss.
• Consider Moving Insurance – Professional movers typically offer basic coverage, but purchasing additional insurance can provide better protection for high-value items.
• Update Your Policy with Your New Address – Once you’ve moved in, make sure your new home is properly insured and your old policy is canceled after closing.

Insurance is a crucial part of the home selling, buying, and moving process. By staying informed and proactive, you can ensure that your property and belongings remain protected throughout the transition. If you have any questions or need assistance with your homeowners insurance, Boufford Insurance is here to help. Contact us today for personalized coverage options!