Q: We are planning on selling our home and our Termite Insurance will expire before the home is sold. Should we renew the Termite Insurance or let it lapse?

A: The buyers of your home will have a termite inspection performed before they purchase your home. If termites are found, the insurance company is usually responsible for rectifying the problem. This would take the burden of fixing the problem off of you.

Before you renew your contract, let the termite insurance company know that you are going to be selling your home and ask if the contract will be transferable to the new owners. If the termite insurance is transferable, this will add value to your home and make your home more appealing to potential buyers. In today’s competitive buyer’s real estate market, any extra bonus you can offer potential buyers will help sell your home.

Posted on Wednesday, November 26th, 2008 at 12:37 am and is filed under Questions and Answers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.