Homeowners insurance should remain active until the buyer officially owns the home to protect against damages or losses. Canceling the insurance prematurely can leave the seller without coverage if the sale does not go through. Essential coverages include liability coverage for bodily injury claims, dwelling coverage for structural repairs, and contents coverage for personal belongings. Keeping these protections in place is crucial until the closing date.
When selling a house, your homeowners insurance policy should remain in place until the buyer officially owns your home. Keeping the necessary coverage ensures the property stays protected.
It's best not to cancel your insurance until after the closing takes place. If you call beforehand to cancel, and then the closing falls through, you could be without coverage.
Your homeowners insurance protects you in case anything happens to your home. It pays for repairs caused by covered incidents and can fully replace your home in a total loss.
Liability coverage applies if you or a household member is legally responsible for bodily injury or property damage to another person, for example, if someone is injured during a visit.
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