SELLERS in CARLSBAD - For those of you who have not sold your home yet and are vacating it to relocate....beware of your homeowner's insurance.
This is a cautionary note to you to check on the status of your policy before you move out, or once you are no longer living in the home while it is for sale:
•· It is possible that your insurance premiums will increase since the home is not owner occupied
•· And you certainly cannot let the insurance expire (you are likely required by your mortgage company, unless the home is owned outright, to keep it properly insured), especially once you have written contract on the property.
•· It is also possible that the coverage levels will change since the home is non-owner occupied
•· Premiums can be much more costly for companies that provide this coverage
•· Some insurance companies that will cancel the policy if they discover the home has become vacant
•· And worse, if there is a loss in the vacant home they may not cover it at all. This can cost you big bucks.
PLEASE check with your insurance provider if you are making this decision, or it has already been made. You don't want there to be a problem at your home, only to find the policy will not cover the damage, or to have your insurance canceled. DON'T make the assumption that your insurance company will inform you. And check your policy - the issue may be address there. Or call your agent to discuss.
AGENTS - this is an opportunity for you to help protect YOUR clients' interests. This is likely something they are NOT aware of and have probably not checked into. Any vacant home is a potential for loss, whether due to vandalism, a leaky faucet or one left on by careless buyers touring with their agent, etc.
And why not take it one step further - are you checking in on your clients' vacant home regularly? If not, why not? It could save them a major hassle, plus you can see how the home looks. Those dust balls, spider webs and accumulated dirt in a vacant home aren't going to help you sell it, are they?
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