When you have raised your children and they have left home, you'll find that all those empty bedrooms are no longer an asset.
You begin to think of moving to a smaller house.
No matter the type of house you decide to move into, your insurance needs cannot remain the same.
Here are a few tips on how to make the most of your move.
If you decide to move into condominium, be sure to understand all that it entails.
You get sole ownership of your unit and a percentage of the general area.
Get an attorney to help you review the documents that contains the terms of reference.
They would include the following: oMaster deed oRules and regulation oBye laws oMaster insurance policy oFinancial statements It is very important that you read and understand the fine prints of the documents.
That's really why you need a lawyer.
There'll be important questions that the documents would answer.
Issues like oHow are trustees chosen? oHow large is the operating budget oWhere does your sole ownership stop? Can u make additions to the house? and related matters.
oWhat is covered in the master insurance policy? You need to review to be sure that there are no areas that are important to you that are not covered.
If it be that there are needs that are not covered in the master insurance policy, you might need to take out loss assessment coverage to help make up for the exclusions.
oWhat is the extent of the financial reserve? After you've read and understood the documents, you should show it to your insurance agent to help you determine whether you need extra coverage or not.
Your experiences as a renter would be quite different from when you were a home owner.
Now all you have to do is pay your and hopefully not cause damage to the house.
When there is any problem in the house like plumbing, lighting, appliances etc) all you have to do is call the landlord who would come and take care of it.
Does this mean that you no longer need insurance? No! Even as a renter, you still need home renters insurance.
The master insurance policy would only take care of the physical structure.
Your home renters insurance would take care of your property but your premiums would not be as high as when you were a home owner.
Before you buy another insurance policy, check out different insurance sites and make comparison of their prices and services.