When you put your home up for sale, you are opening it to strangers and putting yourself at higher risk for theft. You are also liable for any accidents or injuries that occur during viewings. A homeowner’s policy provides liability protection for potential buyers and real estate agents, but you may want additional coverage to protect yourself from medical claims and litigation. In this article, you’ll get some tips that will come in handy should you decide to sell your home.
Make sure your policy is up to date: When people are planning to sell, they stop updating their Fire Insurance and other coverage in many cases. Failing to update your policy can mean that you’re not fully covered if your home is damaged during the sale. For example, if you replace your Formica countertops with granite, and do not update your policy, damage will only be covered up to the value of the Formica.
Don’t cut corners on repairs: You shouldn’t fix up your home just because it’s for sale. Even the smallest malfunctions can cause big problems; a loose handrail can cause a buyer to fall down the stairs, or a loose tile can cause someone to trip. Closely examine every part of your home, look for problems that can cause accidents, and fix the issues.
Lock up your valuables: During an open house, it’s hard for real estate agents to watch eveyr client all the time. As a seller, you should be aware of this, and lock up things that are easily stolen, such as small electronics, jewelry and prescription medications.
Consider buying additional coverage: The more traffic that comes through your home, the higher your risk of an insurance claim. The average homeowner’s policy covers $300,000 in liability and up to $10,000 in no-fault medical payments.
However, $10,000 won’t cover much in the way of medical expenses, and you could end up paying hundreds of thousands of dollars out of pocket. Consider buying short-term liability coverage while your home is in the viewing stages; umbrella Homeowners Insurance in Mt. Juliet can increase your liability insurance to $1 million or more.
