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Can Homeowners Insurance Be Transferred To A New Owner? (Clinton Twp, MI)

Hi, this is Maureen. Stay tuned for another insurance tidbit. Home buyers often ask if a home insurance policy can simply be transferred from one person to another. Therefore allowing a new homeowner to begin making the payments when the old owner moves out. The short answer here is no, a home insurance policy cannot be transferred from one person to another. Each policy is unique and coverage rates really depend on a broad number of factors that change from person to person. Now, this isn’t necessarily a bad thing. Uh Let me go ahead and give you a quick example here. If the original homeowner is a college student and the new homeowner is a retiree, the rates will almost certainly be less expensive for the new homeowner right now. More importantly, every homeowner has a different set of coverage priorities, which means the specific coverages and amounts can vary significantly from one homeowner to another. And so before making a final choice on your coverage, be sure to speak with an insurance professional that can help you understand all of the rates and all of the options associated with your homeowners policy.

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