When selling a property, several options are available to you regarding home insurance. Either the current contract is transferred to the purchaser, or it is terminated. Are you wondering how to go about it? Here are our explanations to guide you through these steps.
What happens if a property is sold?
Case no. 1: The seller chooses to transfer the home insurance contract
By default, the home insurance contract is transferred to the purchaser of the property. What we call continuity of contract allows the home to remain protected during the transition period that constitutes the sale. Once this has been concluded, both the buyer and the insurer can decide to cancel the transferred home insurance. The choice of this transfer rests with the seller.
Are you a seller? Inform your insurer quickly by registered mail. Do not delay: after 3 months, you will no longer be able to use the reason for moving to terminate the contract.
Are you a buyer? You can absolutely request the termination of the insurance contract.
Case no. 2: Termination of the home insurance contract
The seller, the buyer or the insurer can decide to terminate the home insurance contract. With the Hamon law of 2014, policyholders can terminate their commitment at the end of their first year of commitment. Insurance companies must send an expiry notice detailing the characteristics of the contract and the terms of termination.
What steps should the seller take?
If you are a seller of real estate, inform your insurer upon signing the sales agreement. You must communicate to him the transaction date as well as contact details of the new owner, by registered letter with acknowledgment of receipt. If you do not take this step, you run the risk of continuing to pay insurance premiums for accommodation that no longer belongs to you!
In addition, the seller must provide the buyer with your home insurance references and its main guarantees. This will allow the new owner to start comparing offers to protect their new home.
Why cancel the home insurance of the property for sale?
In the event of the sale of his property, it is the seller who chooses to transfer his home insurance contract or to interrupt it. If the seller terminates the contract, the termination will take effect 30 days after receipt of the letter by the insurer.
The buyer can also terminate the contract, particularly if he has already taken out new home insurance. Otherwise, he would find himself having to pay the seller’s home insurance contributions in addition, if the seller chose to transfer the contract.
Should you take out new home insurance?
Even if home insurance is not compulsory for the owner, it remains strongly recommended. Once your old home insurance has been canceled, it is time to think about insuring your new home.
Take this opportunity to compare home insurance offers and find a more economical contract better suited to your needs. To do this, use a online comparator to obtain personalized quotes.
By opting for cheaper home insurance, you will make significant savings while benefiting from guarantees adapted to your new home.
2024-03-06 14:00:26
#Sale #housing #home #insurance
