Canceling/Changing Your Homeowners Insurance
February 1, 2021 | Seller Insights
You’ll need to notify your homeowners insurance company that you have sold your house and that you no longer need the homeowners insurance.
THINGS TO CONSIDER BEFORE CANCELING/CHANGING YOUR INSURANCE
There is sometimes a gap between the closing date and the possession date for a property, be mindful of avoiding any possible lapse in coverage between these dates. Additionally, you are going to be moving your belongings to a new location, whether that is a rental location or a new purchase. You should consult your insurance carrier about these matters and determine if your coverage can simply be transferred and/or if you need a different type of coverage, such as rental insurance coverage. If you cancel your insurance on the day of closing, you may not have coverage during your move.
Be sure to talk with your insurance agent about when and how to cancel your insurance of the property you are selling in a way that keeps you covered for any problems that may arise in those few days after closing while you still occupy the house and while your possessions are being moved to a new location.
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