Mount Juliet is a busy market, and many homeowners want to move up or relocate before their current house sells. Buying first can win you the home you want, but for a while you own two properties, and each one needs the right insurance.
The Overlap Problem
From the day you close on the new house until the old one sells, you may have two mortgages, two sets of utilities and two insurance policies. Your lender will require homeowners coverage on the new home before closing. Your current policy still has to stay in force on the old one until the sale funds.
Insuring the Home You Are Leaving
- Vacancy rules. Many policies limit coverage for vandalism, glass breakage and water damage after 30 to 60 days of vacancy. Ask whether you need a vacant home endorsement or policy.
- Staged or lightly furnished homes. A home with furniture and utilities on is treated differently than an empty one. Tell your agent which situation applies.
- Keep utilities on. A frozen pipe in an unheated house is a common denied claim.
- Do not cancel early. Keep the policy until closing is complete and funds are received.
Insuring the New Home
Set the new policy to start at closing, with the right dwelling limit for Mount Juliet rebuilding costs, not just the purchase price. If you will move belongings in stages, confirm that personal property is covered in both places during the move.
If the Old Home Becomes a Rental
Some owners decide to rent rather than sell. That changes the policy: a landlord (dwelling fire) policy replaces the standard homeowners form, and liability needs a fresh look. Do not wait for a claim to find out your policy assumed you lived there.
A Simple Checklist
- Tell your agent both addresses and your closing dates.
- Confirm start and end dates on each policy.
- Ask about vacancy limits and any required endorsements.
- Check an umbrella policy for extra liability protection on two properties.
- Photograph both homes and update your inventory.
Thinking about buying before you sell in Wilson County? Kings of Real Estate can help with the strategy, and AnnieMac Home Mortgage at (865) 518-6408 can explain bridge and contingency options.
For a quote on one or both homes, call All Seasons Insurance Group at (865) 263-1400 or visit asigtn.com.
