Udy Realty Discuss the Importance of Insuring Your Property When You Buy, Sell or Renovate

Udy Realty have some tips on how to best manage insurance requirements whether you are moving, selling or renovating your property, as some people may not realise they need insurance during these times. When you are buying a house, it’s best to contact your insurance company ahead of time, and if you can’t secure insurance before putting in an offer, you can insert a ‘subject to insurance’ clause into the Sale & Purchase Agreement, so you have time to confirm before it goes unconditional. See the Insurance Council of NZ website for more information on the different types of insurance at www.icnz.org.nz .

When you are selling your house you need to provide as much information on your home’s build and history to your real estate agent, to allow purchasers to organise their insurance ahead of signing the agreement. You will also need to provide your insurance of the sale and settlement date, as you will need to continue covering the property with your insurance, until settlement.

Similarly, when you are moving house, many contents insurance policies do not cover your household items, so you need to check with your insurance company. Most insurance companies offer cover from the time you pack up your contents, to delivery at your new home.

Finally, something not everyone realises, is that if you are considering renovating your home, or any major structural changes to your house, you need to take out a Contract Works Insurance. This will cover any potential damage caused during the renovation. Renovations such as replacing the roof, re-piling or re-doing the kitchen can all be covered by this policy. However, you need to be aware there are some exclusions within the policy, including faulty workmanship, so you need to be sure you have reputable professionals carrying out any work the policy covers.

Udy Realty are there to help with everything concerning your property, so to find out more about home rental services, rental appraisals and residential rentals please go to www.udyrealty.co.nz .