Selling a property can be confusing, but taking care of your homeowners insurance needs is actually quite easy. If you are selling your home during the policy period, contact your independent agent. He or she will often propose one of two different routes of action.
First, if you are not buying a new home after yours is sold, the policy can be canceled as of the closing date. This will usually require a written notice and any prorated premiums already paid will be refunded to you. (Note: Send this written notice after the closing date, as last-minute changes are always possible when trying to conduct a real estate transaction. As frustrating as waiting for your title company to finish their work and do their job is, it happens. Often.)
Second, if you are purchasing a new home, talk to your independent agent about purchasing a policy for your new home ahead of time. Most mortgage companies will want to see some sort of declarations page before closing on your new home, which can be provided to your from your agent. In some cases, any pro-rated premiums you are owed from your own policy could be transferred to your new policy, depending on your underwriting company. This can also be done if you are going to be renting an apartment or home after yours is sold, as renter’s insurance policies are often similar to homeowners policies.
While other scenarios are sometimes applicable, all changes made due to the sale of a home in Coppell, Texas during your policy period need to be discussed directly with your independent agent. From there, an appropriate course of action can be taken to ensure you have coverage when you need it and do not cancel your policy too soon.
For more information on this and many other insurance-related questions, please contact your Coppell, Texas independent insurance agent today.
