Insure you're Property Before you Buy, Sell or Renovate

                      

It is very important that all facets in your life are taken care of by insurance, be it buying, selling,
moving and renovating are all major events in life. Here’s how you can best manage insurance
requirements so you aren’t caught by surprise.

1. When purchasing a house:

It’s best to contact insurance companies to arrange house insurance ahead of time as they may
need extra information such as building reports, and if it’s an older home, details of re-piling, re
wiring and new plumbing.

Take the time to understand the different types of insurance available to you – in India you can
get total replacement, sum specified, and present day value policies.

2. When selling a house:

If you want a quick settlement, provide as much accurate information about your home’s build
and history to your real estate agent as possible to allow purchasers to organize insurance ahead
of signing on the dotted line.

You need to advise your insurance company of the sale, and provide details of the settlement date.
You’ll also need to continue covering the property with your insurance until settlement, even if
you have vacated the house – if something were to happen on the day before the keys are handed
over, then you will have to bear the costs.

3. When moving house:

While in transit, many contents of your household items insurance policies do not cover, so
check with your insurance company if your policy does and, if not, whether they can offer extra
insurance for the move.

If you are using a professional moving company, most offer an insurance from the time they pack
your contents to delivery at your new home – something well worth considering in case of
unanticipated event en-route.

4. When renovating:

If you are considering any major structural changes to your house, then taking out contract works
insurance is recommended to cover any potential damage caused during the renovation.
Renovations such as replacing the roof, re-piling or redoing the kitchen can be all covered by
such a policy.