It’s such a busy time when you are selling a home. There is so much paperwork and so many action items. One that people often jump the gun on, is canceling insurance.
We are regularly called by customers asking us to cancel their homeowner’s insurance policy on a particular day in the future as they have been notified that the home is scheduled to close on that day. Unfortunately, more often than you’d expect, the home doesn’t actually close as they planned on that exact date. The date often can get pushed out further, which means that if the insurance was canceled on that initial date, the home wouldn’t have any insurance coverage. It’s very difficult to undo a cancellation request or change the date.
To make things worse, like life sometimes does, we have seen a few instances where the closing happened but the transaction paperwork didn’t process until a few days later due to extenuating circumstances. In this instance, the client thought everything was all set, so they called and canceled the insurance immediately following the closing. The result? The home was uninsured for several days during a storm, leaving them at major risk.
So what do you do to prevent this? You may wait a day or few days to contact your insurance agent. When you tell them the date your closing was completed, they can post-date your cancellation request. In most cases, the insurance carrier will reimburse you for any unused premium back to that date. You typically don’t pay for any insurance that you don’t use.
The best advice is to talk to your insurance agent so they can help you with this process. If you still have questions, we are happy to help.
Life insurance is not something that is one and done. It should change and grow or, in some cases, decrease as your life changes. Everyone has different life insurance needs. Today, tomorrow, and into the future, you need to review your life insurance from time to time to make sure it reflects your needs. If you have a trusted independent insurance agent like those at Keslar Insurance Agency in Newmarket, NH, it makes it much easier and stress-free to make sure your life insurance is right for where you are in life.
When you get your first full-time job, you will probably have a benefits package. Life insurance may be part of it. This is your chance to get off to a good start with your financial future. Look at that policy and think about what it should provide to your loved ones. Is it adequate to take care of any debt you have and your final expenses? Ask your HR department about the policy and whether it can be increased, or if you move on, can you continue to pay for it on your own? These are important questions.
Buying a policy on your own at this point is not a bad idea. It will always be with you no matter what job you move to. As a young, healthy person, your life insurance will never be less expensive.
Buying a home is another time to review your life insurance. Make sure you have enough to cover your mortgage.
The biggest event in most people’s life is when you get and decide to start a family. The responsibility level rises to new heights, and your life insurance needs to rise with it. Providing for a spouse and children for years requires a considerable amount of life insurance. Your independent agent can help you come up with the right figure for you and your family.
Contact Keslar Insurance Agency in Newmarket, NH for your life insurance needs.