Thinking of Selling? Important Steps to Remember

As we all know the housing market is hot right now, with bid wars making properties sell for well over asking price. And with multiple offers to review, paper work to sign and packing your belongings, one might forget some very important steps. Here is a helpful reminder to make sure all things are taken care of during the best month to sell.

At the time of accepting an offer and setting an estimated closing date, remember to call your home insurance carrier to advise them that you will no longer reside there on such date. Also, if you are purchasing a new home or condo, consider using your same insurance company to get a quote on it.

What about your personal belongings? Our policies protect your personal property to the full amount listed on the policy while in transit from one property to the next. If the items are being held in storage prior to your move, they are still covered but at 10% of what is listed on your policy.

Probably the most important thing to remember is to provide your insurance carrier and anyone whom you would receive correspondence from your forwarding address or temporary P.O Box. Many of times there is a pro-rated refund you will receive and we want to make sure that reaches you.

3 Coverages Included in Your Homeowners Policy

Western Mutual has proudly be serving homeowners for over 75 years, providing coverage for both your property and liability for any unforeseen injuries. Our standard has policy has 3 essential coverages and they include:

Dwelling + Other Structures – This part of the policy pays to repair or rebuild a home or fence if damaged by a covered peril such as a fire, wind/hail storm, etc. The amount of coverage on your home is based on reconstruction cost estimates which calculate labor and materials for your specific property.

Personal Property – Exactly what it sounds like, this is coverage for your furniture, clothes, equipment, and anything that would fall out if we flipped your house upside down. However, please know if you own expensive items like art pieces, jewelry, or silverware…these items are limited in coverage but can be added for a small feel with a professional appraisal.

Liability Protection – Liability will protect you against lawsuits for bodily injury or property damage that policyholders have caused other people. One unique thing about liability is that it’s an off-premises coverage as well-meaning you are protected anywhere in the world.  The liability portion of the policy pays for both the cost of defending the policyholder in court and any court awards—up to the limit of the policy.

We hope knowing this basic yet crucial information allows you understand and ease your concerns about your coverage.