One less thing to worry about
Selling your home can be nerve-racking but ensuring your contents are protected as you move out of one home and into another means one less thing to worry about.
When you sell your home, the to-do list seems endless. Packing, dealing with banks, conveyancers, cancelling subscriptions and utilities are things that are top of mind. But amid the chaos there’s another crucial thing that needs to be done – making sure your belongings are protected in the transition from one home to another. Burglars, storms, clumsy removalists and electrical surges don’t care if you’ve had your mind on other things.
Below are some tips to help you have the right cover in place while selling.
If you’re renovating to get your house sell-ready, you may need to update your home and contents to protect your belongings against the things you can’t plan for like ladders through windows or when power tools are involved. Check your policy to understand the circumstances where you are covered for loss or damage relating to renovations or repairs.
Also when using a professional to carry out renovations or repairs, it’s a good idea to check whether they are licensed and insured to carry out the work in case something goes wrong.
Open for inspection
Having the right contents insurance in place is vital during this time of flux. Especially since having strangers/potential buyers wandering through your house or apartment is an inevitable part of the process. Most people will respect your home and your personal belongings, but if your jewellery or other valuables do get stolen, it’s nice to know your home and contents insurance will cover it.
There’s so much running around to do during the selling process, and with half your belongings either packed or in storage, you’re more likely to have valuables such as your phone and laptop on you at all times. If you smash your phone or have your laptop stolen in a café, check your contents insurance as it’s good to know that you could have them replaced if something went wrong.
Who’s responsible during settlement?
At some point the seller will no longer be accountable for the damage to the property. That will become your responsibility. But when is that? At exchange of contracts? At settlement? The position in the standard contract varies in each state when the risk of damage passes to you is determined by your particular contract.
For more information, you can read who is responsible during the settlement period?
This is probably the most stressful day of the entire process. You have to get through a day of your possessions being hauled in and out of moving vans, possibly up and down stairs or maybe even across the country to a different state. Accidents happen and things get broken or damaged. But if your contents insurance covers you for the removalist phase of the journey, you at least have peace of mind that your damaged goods can be replaced and you won’t be out of pocket for a new fridge. Check your policy, good ones provide cover for about two weeks, ensuring your things are protected when you are moving and between homes.
A lot of people rent temporary accommodation in between homes, particularly if building their new dream home. If renting, you probably don’t need home insurance, you just need contents insurance. It’s easy to update your cover, just call up your insurer and let them know you’ve moved. That way you’re not paying for more than you need to.
The months of planning and stress are finally over and you can close the door behind you and start settling in to your new house! After you’ve unpacked the last of that mountain of boxes, it’s time to crack the champagne. It might also be time to re-evaluate your insurance needs. Make sure your policy suits your new place, particularly if you’re planning to splash out on some new furniture, appliances or technology to suit your new home.
If you’ve moved into a larger place to accommodate your growing family or just to be able to stretch your legs, now is a good time to re-look at your cover. People often overlook this part, leaving them under-insureddisclaimer, if something should happen only part of your new home would be rebuilt.