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Couple moving houseAre you planning to buy a new home or move across the country? There is plenty to plan for in this life event. Don’t forget about making changes to your existing home insurance plan.

Home insurance is specific to your actual property. Moving may alter the type and amount of insurance you need. Your insurance agent is one professional you will want to work with. Your agent can ensure the best possible outcome during this transition.

Your Existing Insurance Policy

If you are moving from your residence, contact your home insurance agent before you do. There are several key things to discuss.
  1.  Discuss the terms to canceling your existing policy. Don't cancel the policy until after you are fully moved from your old home. Also make sure you have transferred all deeds and ownership documents to the new owner. Most of the time, you will need to make a partial payment or receive a reimbursement for time not spent in the home.
  2. Talk about losses after you move. Let’s say you move out, but someone who visited your home a month prior files a claim for an injury. Your home insurance policy may be no longer in place. Most policies will cover you in claims like this for a specific amount of time even after your leave. Be sure your policy offers that type of protection.
Discuss Your New Home’s Insurance Needs

Take the time to examine your new home’s needs. Your home insurance agent will customize your new policy for you:
  • What is the value of your new home? And, how much will it cost to rebuild it if lost in total?
  • What safety features and elements can lower your costs in the new home?
  • What factors exist that impact safety such as the risks in the local area or the type of structure?
  • What type and value of personal property are within the new home?
  • What other structures exist on the property that also will need coverage?
Take a closer look at each one of these factors. They can help your home insurance agent create a customized plan for your new home.

Even if you rent your new home, you still need a policy to protect your possessions and liability risks. It’s important to scrutinize your policy to ensure it offers comprehensive protection for the area you are now living in.
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