The new homeowner may be required to purchase homeowners insurance from a different insurance company because you cannot transfer it to a new homeowner unless your plan has indicated that it is possible.
Ensure that the current homeowner’s policy lapses, any claims made by the new homeowner will not be covered. The existing homeowner should contact their insurance company and acknowledge the new homeowner as an additional insured on their policy.
The Insurance Process
The entire process of a home insurance claim starts with the call to your home insurance company. Once you receive a call, start by giving the company your address and telephone number.
Provide them with all of the details about the situation and provide them with all of your contact information so they can contact you with any questions.
The agent will then request more details about the situation, such as your phone number and address, your telephone and internet service information.
Transferring Your Homeowners Insurance
If the previous homeowner has left their policy to you, you must transfer your home insurance. Make sure that the procedures you are moving are not in a competitor’s network of insurance companies. Check with your existing insurance company before you go about transferring your insurance policy.
Should the new homeowner lose their homeowner’s insurance, they may be required to file a claim through their insurance policy and their renters' insurance policy. Although homeowners are typically covered up to $100,000 by their homeowner's policy, homeowners can lose coverage altogether if they do not renew it.
If your home insurance policy is set to expire or you wish to change insurance companies, contact your agent to arrange the sale. A form for purchasing and selling home insurance exists, an essential tool for anyone looking to move.
Many homeowners have never purchased home insurance, and this could be a mistake. The agent will set up the policy for you. It is not necessary to visit a broker to buy home insurance, whether you’re a new homeowner or an existing one with no insurance policy at all.
Selling a home is no easy task, and there are a few things you should remember to do to get the best price for your property.
At Urbasek Insurance Services, Inc., we do our best to ensure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (815) 740-0900 or Click Here to request a free quote.