It’s exciting to buy a new home and receive a deed with your name on it. There’s always a bunch of paperwork, but ownership is a truly special feeling. Whether you purchase the property or inherit it from an estate, insurance coverage must be seamless.
Homeowner’s insurance—like many insurance products—are typically personal, meaning that the policy only applies to the person who initiated it. Transferal of a homeowner’s insurance policy is unlikely, so you’ll need to talk with an agent to make sure coverage on the property is continuous. This usually means you’ll need to secure your own, new policy on the property at some point during the purchase process, before the deal is complete.
Your insurance policy will contain information in the fine print that outlines your responsibilities and privileges regarding coverage, and your agent will help you understand what steps to take. In cases where property is inherited by a family member who has passed away, it’s important to notify their insurance company of the person’s passing in order to reduce the chances of the insurance company rejecting any related claim or new policy on the same property.
It’s also a good idea to have your agent review the old policy and inspect the property with you to identify any features that may be of concern. Some policies may have exclusions that you’re not aware of, or there may be parts of the property that need to be updated, added or removed in order to secure a policy. This inspection may also help you understand what you can do with the property in order to save money, or what it will cost if you plan to add features that the insurance company may consider to be liabilities.
When you’re ready to switch your homeowner’s insurance, give us a call! We’ve been helping clients save money and protect their homes for decades. Our team can make the insuring process smooth and painless so that you can live worry-free. To reach us by phone, call (715) 754-5254 or (920) 822-3695. You can also email us at insurance@premiercommunity.com or visit www.premiercommunity.com/insure.aspx to learn more.