How Moving Affects Home Insurance

Moving to a new home can be the start of an exciting new chapter in your life, but it also requires you to make responsible preparations and take appropriate steps, such as those regarding your homeowners insurance. Understanding how moving can affect your insurance can help you avoid unexpected coverage gaps and maintain appropriate financial security in your new location.

What Happens to Your Insurance When You Move?

When you move, your current homeowners insurance policy may not automatically transfer to your new address. Home insurance is tied to the specific property listed on your policy, so a change in residence often requires updating your coverage. If you’re selling your home and buying another, you’ll need a new policy for your new residence, although you may be able to remain with the same carrier.

Key Insurance Considerations When Relocating

Moving can have a significant impact on your insurance. Be mindful of the following potential issues and head them off before they become a problem:

• Coverage gaps—Without careful planning, there may be a period between when your old policy ends and your new one begins. A qualified insurance professional can help make sure things are arranged to avoid this.
• Policy adjustments—The value, location and features of your new home can affect your insurance needs. For example, moving to a more valuable property may require you to increase your policy limits.
• Lender requirements—If you have a mortgage on your new home, your lender will likely require proof of insurance before closing. Make sure you comply with these mandates to avoid unexpected delays or complications.

Tips for a Smooth Insurance Transition

When moving to a new home, take the following steps to heart:

• Notify your insurance agent as soon as you know your moving date.
• Review your current policy and discuss any changes needed for your new home.
• Keep an inventory of your belongings to simplify claims if anything is lost or damaged during the move.

How We Can Help

Our team at Global Insurance and Services is here to guide you through every step of your move. We’ll review your current policy, recommend personalized coverage options and make sure you have the insurance you need for your new home.

Contact us today to get started.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.