What if I Sell my Texas Property During the Insured Period?

Many times people sell their Texas home in the middle of the policy period. The insurance company simply refunds the pro rata share of the premium. Pro rata is the percentage of the year the building will not be owned. For example, if you own your home for the first three months of the policy year and then sell it, the insurance company will refund nine of twelve, or three-quarters of the premium.

Remember to secure insurance for your new place. Compare quotes online for your new home. Homeowners policies provide coverage for your property, and protect you for your liabilities. Even if you temporarily do not own property, you have liability potential.

Liability covers you if you damage someone else’s property or injure them in some way. Prudent people keep liability in force to cover unexpected events. So, before cancelling the homeowners for a three month to save money, consider all your insurance.

Consider your personal items too. Jewelry, guns, furniture, paintings and other artwork. Cancelling homeowners insurance during the policy term does not allow these items to be covered. Even locked in storage, these items have value.

So, before you cancel, consider the following:

  1. Will I need to maintain liability coverage?
  2. Do I have personal belongings that need coverage?

If your answer is yes to either question, secure these coverages first, then cancel the current coverage.

For typical home situations, go online and obtain quotes from our website for your new home. Have information available to describe the new property. Once the data is filled accurately, the computer will find a match between company and client.

For more complex property situations, consult your agent. They can guide you through various ways to cover special property. It’s always a good idea to take pictures of valuables such as jewelry, guns, furs, collectibles, or artwork. Keep these pictures offsite so you’ll have a reference in case of a loss. It’s a good idea to have any appraisals or invoices on record also. Be a wise insured individual.

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