Selling Your Home in New Bedford? Check Your Insurance Policy
Today’s real estate market has its ups and its downs. Your home might sell within a few weeks of being listed, but then again it could take months. If you need to relocate and have to leave your home behind in the hands of your real estate agent, it is important to speak with your New Bedford insurance agent first. Massachusetts homeowners insurance is designed to cover a home that is occupied. Homes that are vacant are riskier for things like vandalism and theft, meaning that the risk to insure a vacant property is much higher.
If you fail to notify your insurance agent about your plan to leave your home vacant for several months until it sells, you might see your policy coverage get dropped. The best course of action is to speak directly with the agency about your intentions and find out if you can qualify for a home insurance quote to cover your vacant home. It is essential to consider all of the ways that you could be held liable if something were to go wrong when you were not at home. You might think that your neighbors will be able to notify you if they see something happening to the property, but they might not catch everything.
Kids climbing over the fence to party inside of a vacant home is a real problem in some areas, resulting in costly damage to the property. Also, if one of those teenagers slips, falls, or hurts themselves in some way while on your vacant property, you could be held liable. Ask your New Bedford insurance agent about a vacant home insurance policy or if there are options available to include an endorsement to your existing policy. The rules regarding this vary widely from state to state and from provider to provider.
What You Need to Do
If you plan to put your home up on the market, make sure to contact your New Bedford home insurance agency right away. Let them know if you will be occupying the residence or if you will be moving away. If you are leaving the property unoccupied or vacant, you will need to let them know when and how long you plan to be gone. In most cases, a Massachusetts homeowners insurance policy will have something called a “vacancy exclusion,” which starts after the home has been vacant for more than 30 days in regards to vandalism and glass breakage as an example and after 60 days, fire and lightning is excluded. So if you will only be gone for a couple of weeks, you might be covered. It is still best to contact your agent when you list your home so they can advise you on the best steps to take about your coverage.
Vacant policies are priced based on the risk to the company for insuring the property. Ask your agent about things like video security systems, security monitoring services, and other things that might make a difference to your coverage. Continuing these services after you have moved can add an extra layer of protection to your vacant home. Even if it doesn’t make a difference with the insurance policy, it is still a smart option. After all, if you are trying to sell your home, you will want it to be in excellent condition. Anything you can do to prevent break-ins or vandalism will benefit you as well.
Visit Your New Bedford Insurance Agent
The best thing to do is to visit your local agent to discuss your Massachusetts homeowners insurance policy. Your agent might have ideas and options that you hadn’t even considered. Most people are unaware of the rules regarding New Bedford home insurance and a vacant property, so it pays to take time to learn all of the ins and outs of coverage before you move. It might even be in your best interest to stay in your home or at least live there for a few days each week during the sale of the house. While that won’t be an option for every homeowner, especially if you are moving out of state, it could be a solution for some.
Borden Insurance Agency has served the local community since 1909, insuring homes and vehicles of residents in the Southcoast region of Massachusetts. Our many years of experience working with clients through just about every type of situation can be used to your advantage. Give us a call at 508-999-3636 and speak with one of our agents. We can provide you with a home insurance quote, answer any questions you might have about insurance and selling your home, or provide you with details about your existing policy.