When you are ready to sell your home, there are a number of steps to getting everything taken care of. One of the last steps in the process should be the cancellation of your homeowner’s insurance. Even if you have already moved out of the home, you need that insurance in place for a variety of reasons. Liability Risks While Selling When you are selling your home, you have a number of people entering the home and walking around the property. If one of them is injured, you remain responsible for that injury even if you no longer live there. As long as you are the homeowner of the property, you remain the person who is liable for anything that happens there. Having a lot of people coming and going can increase the odds of something going wrong, and you could find yourself facing a lawsuit or claim against you. Keep that homeowner’s policy in force throughout the selling process to ensure you are protected. Keep Contents Protection With strangers coming and going from your home, your valuables are at risk. Although you hope that everyone who enters your home will respect your property, it might not always be the […]
Read More
When you buy a home, the mortgage payment isn’t the only regular expense you will have to consider. You will also be responsible for paying for your homeowner’s insurance policy as well as the property taxes on your new home. There are two ways to go about this. One is to roll them both into your mortgage payment, and pay them monthly along with your mortgage. The other is to pay them on your own. Larger Monthly Payments Adding your insurance and property taxes to that monthly mortgage payment bill means that you will have a higher monthly payment. If you are already cutting it close on your monthly budget with the mortgage alone, this could make it tougher. You should keep these two payments in mind when you make up your home buying budget so that you know what you can really afford after paying both of these monthly expenses. Lump Sum Payments Both property taxes and homeowner’s insurance can be paid on their own directly. This is usually either a yearly payment of a large lump sum or a different sort of payment plan set up by the insurance company or the county. Coming up with all of […]
Read More