There are many things to consider when you are going to sell your home. You need to keep in mind one significant factor when deciding on what kind of insurance you want to have. The seller is insured, and they should be confident that the property is safe. These days, it looks like everyone is selling their homes this way. Still, not everybody knows that different types of insurance could cover these properties depending on what kind of coverage has been taken out. Let’s look at a few of the house insurance products that would cover the sale of your home if you decide to do so.
Fire Risk Policy
Fire risk policy is usually for commercial, apartment, and residential houses. It covers damage caused to property by fire or hazardous materials, such as gas-and-water leaks, lightning strikes, or roof damage due to excessive heat or cold. In addition, it would also include protection against theft and arson.
Health Care Policy
Health care policy protects against injuries caused by illness or injury from exposure to dangerous substances or objects or those who contact them, such as firefighters or construction workers. They may even protect you against getting seriously sick from a fall from your balcony or falling down a building shaft or tunnel.
Collision Policy
Collision policy protects the property against accidents caused by driving vehicles or motorcycles. Some examples of these are car crashes; airplane crashes that result from aircraft hitches, water accidents, etc. Also, they can protect against being in an accident after being driven away from the scene of an accident.
Life/death policy
The life/death policy protects against death or serious injury from suicide, accident, drowning, and other forms of homicide. Usually, it offers coverage against someone committing suicide – whether they have committed an act before (attempted) to commit suicide while they were still alive in hospital, jail, etc. This policy also includes coverage against anyone taking their own life.
Vehicle Insurance Policy
A vehicle insurance policy is intended to protect the vehicle against damages caused inside it. The most common insurances are –
Bodily – it protects the insured home from injury caused by a drop on a driveway, a collision on the road, or even a car crash against a damaged vehicle due to theft.
Intrinsic – it protects the home from any fire or storm damage. However, any form of vandalism and destruction of property can cause significant losses. Hence, this policy provides protection against thieves coming into possession of the property.
The most effective insurance policies are Bodily due to its exclusivity period of 10 years. The intrinsic policy does not only provide coverage in case someone tries to steal/damage your home. Other factors like weather, bad traffic accidents, etc., can affect the safety of a property.
Commercial Auto Policy
The commercial auto policy protects the properties from accidents, road accidents, or truck accidents. Many drivers would think of commercial auto insurance, but the main advantages of it would be
A small premium will probably be less than $2 per year and can be split between insured and insured.
Insurance Companies – the owners of many insurance agencies, have used the term “commercial insurance” to describe themselves. Apart from the obvious benefit of having many more drivers under their control, there is another advantage of commercial insurance – the insurance companies receive their insurance premiums back from their customers from the end of it.
The price per acre of land is $15 per acre. But since many people don’t live near their homes and may move from one location to another in search of jobs, this policy can be helpful.
Ocean Policies
Ocean policies are often sold for commercial coverage. Ocean policy protects the insured from high winds and storms caused by hurricanes, typhoons, nuclear disasters, air-traffic disasters, terrorist attacks, natural calamities, etc. Therefore, there is no reason why commercial insurance won’t offer similar protection.
How much protection is required?
The price per acre of land is $15 per acre. But since many people don’t live near their homes, it may seem like the cost of living may go up quite significantly. Insurers will therefore charge lower premium rates.
The insurance for commercial vehicles can cover a value of up to $100,000. Although, if the car is older than 15,000 miles, it doesn’t cover all the damages. For example, when drivers drive off the highway, they may not get insurance reimbursement immediately. These policy limits are not insured.
However, an agent with experience will be able to discuss with you or your agent how much insurance policy you need.
