- March 22, 2016
- Posted by: AimPro
- Category: Article Archives
A timeline for switching your homeowners insurance during a move can help retain your coverage.
Now that spring has sprung in Phoenix, Arizona, the real estate business is booming. With plenty of houses on the market and deals closing, there are many people moving homes. During the midst of packing, planning, and scheduling the movers it’s easy to let homeowners insurance fall by the wayside.
However, this is a costly mistake to make. To be sure that you maintain adequate homeowners insurance during your move, read on!
When do I cancel my old homeowners insurance policy?
Call your home insurer as soon as you can. Ideally, this should be before you put in an offer on the house. The insurer will be able to discuss the cost of insurance and some risks that you may face in buying that new home.
What if I leave it too late?
As a worst case scenario, you put an offer in on a house and later find out that the house is located in a flood zone. This could dramatically deter your possibility of maintaining affordable flood insurance, should you get it at all. If you leave your call to the insurer too late, you may pay (literally) for the consequences.
Contacting your agent in advance can also help make sure you get the timing of the old and new policies right. The aim is to cancel the old policy on the data that you no longer have ownership of the property and start the new policy on the date that you have ownership of the new home.
In most cases, closing dates get pushed back. Most insurance companies will contact the homeowners after the closing to make sure that the house has actually closed. To leave a house, old or new, unprotected means that should a vandal get into the property or a fire start and no one was there to put it out, you could be left homeless and facing serious recovery expenses.
Meeting the Mortgage
Most mortgage companies may request certain conditions in connection with the policy. Therefore, calling your agent early-on can also make sure that you don’t experience any hiccups with the lender.
To secure the right homeowners insurance policy for you and your new home, contact Aimpro Insurance! Our professionals in Phoenix, Arizona aim to supply you with a homeowners insurance policy to meet your needs, budget, and new pad!