What happens with my home insurance if I sell my home?

If you are thinking about selling your home and you have home insurance it is normal that you ask yourself what will happen to it. Can I maintain it? Should I cancel it? When selling property, you not only have to manage the legal and financial aspects, but also make important decisions regarding the insurance policies you have taken out. 

Esto significa que, por lo general, debes cancelar o modificar tu seguro de hogar y el nuevo dueño contratar el suyo propio para proteger la propiedad que adquiere. Es fundamental que comuniques a tu seguro el cambio de domicilio antes de mudarte. The sale and transfer process will depend on the policy you have taken out, but in general, you must follow these steps: 

1. Cancel the current policy

Most insurers require you to cancel your home insurance when you sell the property. You should find out whether your insurer has any special cancellation or reimbursement requirements. 

It is important that you cancel your home insurance policy before the date you formally sell the property so that insurance does not overlap or no problems arise in terms of the cover. If you ignore this, you will continue to pay the premium without obtaining any benefit, and the company may not cover the damages if there is a claim after the sale and you are no longer the owner of the property.  

2. Transfer the policy (in some cases)

Some insurance companies allow the policy to be transferred to another owner, usually with the requirement that the new owner accept the original conditions of the policy. In this case, the purchaser of the property needs to contact the insurer to decide how to proceed. 

3. Reimbursement of premiums 

If you paid an annual or half-yearly premium in advance, you will not be entitled to reimbursement of premiums, but you can change the risk situation to your new property and continue with the insurance policy taken out.

Y si todavía no tienes seguro del hogar o quieres cambiarlo, we recommend that you take a look at our DKV home insurance.