With the swings in the real estate market today, homeowners are making all
kinds of deals to purchase or sell properties. And with all the creative
arrangements people are exploring to sell or get into a home, small
details regarding insurance can be easily overlooked.

There are three key areas to keep in mind. They are:

1. How vacancy provisions might apply; If you are selling a home and the
   home is vacant, it is imperative you contact your agent to make
   sure the proper coverage is in place. Most homeowner policies will not
   cover a vacant house.
2. How a delayed move-in can create coverage gaps for the buyer; If you
   are a buyer, and will lease back the house to the seller for a
   short period of time, you need to contact your agent (prior to closing) and let them know you won’t be moving in for a while so the proper binder can be sent to the title company.
3. How the parties’ interest in the property can be protected under a
   contract of sale. Assuming the seller doesn’t finance through a formal
   mortgage agreement, the new owner of the home can protect the financial
   interest that the seller has in the property through Additional Insured
   endorsements.

These tips were shared with us by Sally Singley with the Barnard-Donegan Insuarnce Agency. If you have any insurance questions you can contact Sally via email at ssingley@donegan.com.