Homeowners insurance is probably not at the top of your mind when you’re about to sell your home in Georgia. However, overlooking the importance of homeowners insurance during the sale of your house may harm you in the long run. There are several home insurance risks that you should know about, such as leaving your old property uninsured before closing.
In this article, we’ll discuss the important role homeowners insurance has while you’re selling your home in Georgia.
Things to Know before Selling Your Home in Georgia
Keep Your House Insured until Closing
We know finding a buyer for your home is a big relief. However, that’s not where your worries end because there’s always a chance the deal could fall through because of unforeseen events.
For example, your home could experience damage from a storm or a water leak. Therefore, it’s best to keep your home’s insurance policy active until after you close. It will help you stay financially secure in case of a sudden disaster.
Shop Around Early for Your New Home’s Insurance
Unfortunately, you can’t transfer your existing homeowners’ policy to your next home. As they say, one size doesn’t fit all. Therefore, you should shop around to find an insurer that fits your new home’s needs.
However, you can still choose to stay with the same company if you’re satisfied with their services. It may help you get a discount on your new insurance policy or some additional ones.
Ensure You’re Covered during Inspections and Showings
A house on the market welcomes many visitors for events like showings, inspections, and appraisals. This means that there’s always a chance of mishaps occurring on your property. For example, a potential buyer may fall and get injured on your stairs, which you could be held liable for. Luckily, homeowners insurance provides you with coverage in unwanted situations like these.
Bottom Line
Homeowners insurance is a great way to ensure financial coverage against unforeseen events that can occur before the closing of your house. We suggest you understand the terms of your policy clearly before you start the process of selling your home.
Sources
https://money.com/insurance-selling-a-home/
https://www.forbes.com/advisor/homeowners-insurance/georgia-best-cheap-homeowners-insurance/