Vantage Point

Your Home's On the Market—What's Your Liability Exposure?

When you finally make the decision to buy or sell a home, it can be very exciting and overwhelming at the same time. You may find yourself pulled in many different directions. Before you put that for sale sign out front, it’s best to do a pre-audit of your home for any liability exposures or potential risks during the home-selling process.

  1. Walk through the entire house to identify and address any tripping hazards that could lead to injuries as potential buyers are walking through the home—loose carpet, unnecessary furniture/toys, uneven floors, loose handrails, etc.
  2. Have a plan for where your animals can go during a showing or open house. Often times, animals become territorial when there are unknown visitors. You don’t want to risk any injuries or animal bites.
  3. Remove or lock up all valuables and personal items prior to any showings. For example: spare car keys, laptops, video game systems, bank statements, check books, prescription medications, jewelry and any other collectibles. Most insurance policies have coverage for theft, but only up to certain limits and there may be an exclusion of theft coverage during an ‘open house’.
  4. Lastly, schedule time with your insurance agent. There are many things that could arise that might leave you unprotected or underinsured. Here’s a sampling of what you could discuss with your agent:
    • Do I have to get a new policy or can I keep my old one for the new address?
    • What if I move into my new house before I sell my old house?
    • If the selling house is vacant, do I have any coverage or do I need it?
    • Do I have any coverage while my belongings are on a moving truck in transit?
    • Will my homeowners’ insurance cover my belongings in a storage unit?
    • Do I have enough liability coverage? Should I consider an umbrella policy for the additional liability
      exposure while my house is on the market?
    • What if some of my personal items get stolen?
    • What if I do renovations to the home before I sell it? Do I need to update my policy even though I don’t plan to have the home much longer?

You may not be able to predict what will happen when you put your house on the market, but you can educate yourself on your potential liability exposure and how your insurance options can provide protection.

Vantage Credit Union, through our Credit Union Insurance Agency (CUIA) *, is proud to offer a full range of insurance options. CUIA representatives are dedicated to helping you reduce your insurance costs without sacrificing the protections that gives you a feeling of security.

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You can also contact us with any questions at:
314.264.5365/direct call
800.522.600/request to speak to a CUIA representative
Please remember that electronic mail isn’t secure. Therefore, confidential or personal information shouldn’t be communicated in this manner.

* The Credit Union Insurance Agency, LLC is a wholly owned subsidiary of Members Resource LLC, a Credit Union Service Organization. Business conducted with the Credit Union Insurance Agency, LLC is separate and distinct from any business conducted with Members Resource LLC, its parent Credit Union or its partner Credit Unions. Insurance products offered by the Credit Union Insurance Agency, LLC are not (i) deposits of Members Resource LLC, its parent Credit Union or its partner Credit Unions, therefore are not protected by the NCUA and are not exclusive to Credit Union members and (ii) an obligation of or guaranteed by Members Resource LLC, its parent Credit Union or its partner Credit Unions and may be subject to risk. Any insurance required as a condition of an extension of credit by Members Resource LLC, its parent Credit Union or its partner Credit Unions need not be purchased from Credit Union Insurance Agency, LLC and may be purchased from an agent or insurance company of the member’s choice.