1. Protect your open home
It’s important to understand the risks associated with open homes so you can prevent these where possible. You should check with your insurer if your policy covers any accidental damage or theft during your open home. To prevent loss or damage, make sure you put your belongings in a safe spot, and always have a real estate agent present who can control entry.
2. Mind your contents
Often while you’re in the process of selling your home, your contents may need to temporarily shift to another location until you can move into your new home. Depending on your policy, contents insurance usually only covers your item at a location you’ve specified. If you’ll be storing your belongings somewhere else, you’ll need to let your insurance provider know to ensure your contents will be covered while in storage and while they’re in transit.
3. Wait until settlement
You might want to cancel your insurance as soon as your home is sold, but don’t forget that you’re the legal owner up until the settlement date. If something were to happen to the property between the sale and settlement and you were no longer covered, you would still be liable. Keep your insurance until the buyer is the legal owner, and if the settlement date changes, make sure your update your insurance provider.
If you’re selling your home and looking to buy a new one, get in touch with our friendly team today!
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