What do I need to do with my home insurance policy if the house is sold?

When you sell your home in Colorado, it is important to inform your home insurance provider so that you can cancel your policy. Depending on your plan and the details that are described in your policy, the process of canceling the plan may vary.

Contact Your Insurer Before Selling

Before you sell your property, contact your home insurance provider and inform them that you are planning to sell the house. The insurer can take steps to make the cancellation process a little easier so that you can move forward as soon as the property sells.

If you have already sold the property, then contact your insurer and tell them that the property is sold. It takes a little time for the final paperwork on a property to go through, but you do not need to maintain coverage on a house that you no longer own.

Cancel the Plan

You may be asked to provide a copy of any documentation regarding the sale of your property. That is proof that you are no longer the owner so that your insurer can then take steps to cancel the plan.

When you cancel an insurance policy, you may be able to get a refund on some of the premiums that you have paid. For example, if you paid for several months or a year in advance, then the extra premium that you paid may be returned after subtracting any administration fees.

The appropriate solution after you sell a house is canceling your coverage. Even if you intend to buy a new property, you will need a new insurance plan that is appropriate for the new house. Contact us to speak to an agent for more details about your options.