Buying and moving to a new home come with mixed emotions. It can be exciting because you get to create new memories and make your new space feel like home.However, it can also be stressful because there are many things on your to-do list that need to be done before moving. Not only should you be busy with all the “need-to-get-done tasks but you also have to deal with your home insurance policies to achieve a worry-free moving transition.
Here’s what you need to know about home insurance when moving home.
Right Time To Purchase Home Insurance
It’s essential to look for home insurance that covers the contents and the buildings as early as possible. All you have to do is to gather quotes and figure out your coverage. Also, be sure the insurance is ready at the time you make a move. Doing so will not leave your new home uninsured when you start moving.
Option To Take The Mortgage Company’s Offer For Home Insurance
Typically, several mortgage companies will try to offer their insurance coverage. While it seems to be a perfect match, you should still need to be careful as it might not suit your needs. Bear in mind, you have the option to take their offer, but you’re not obliged to do so. That said, take the time to choose your own and make sure you have adequate coverage during the moving day.
Things To Do When You’re Moving Home
The moment you know you’re relocating to your new home, the first thing you should do is to call your insurance broker. That’s because your broker is the right person to advise you with how you deal with your insurance needs. It’s also important to read and understand your policy including the provisions about payments. Depending on the policy, your payment plan will vary.
Moreover, when you start packing up all your belongings, don’t forget to have an inventory of everything you have and take note of all the valuable items that you should incorporate to your home insurance policy. Remember, moving gives you the opportunity to shop around and explore your insurance options.
The Insurance Coverage During A Move
When you’re moving, it’s essential to get all your possessions covered. For example, if you’re getting professional help to handle your NYC move, Movers NYC will likely be responsible for the insurance coverage. That said, look for moving companies NYC and check with them what insurance options they can offer. If you think the coverage isn’t sufficient to protect your stuff during the move, never hesitate to find outside coverage.
On the other hand, if you move your own property, chances are you’ll have all your belongings covered by your personal property insurer. Sit down with the insurance company and tackle the kinds of perils you’re covered and not covered.
The Need For A New Home Insurance
If you go with the same insurance company, you’re still required to obtain a new policy for your new house. After all, home insurance policies are designed for particular houses considering many factors. For that reason, you might be forced to cancel your existing policy and have a new one in place.
Factors To Consider When Getting A New Policy
In most cases, insurance providers consider a variety of factors to determine your insurance coverage options as well as your premium costs. Below are some considerations to keep in mind when getting new home insurance after moving:
- Home value – More than anything else, the value of your new home determines how much you’re covered, and the insurance company will take a look at the age and size of your home and the building materials used to it. Having higher home value means paying more money for your home insurance.
- Location – The place where your new home is situated affects the value of your home insurance. For example, areas such as countryside, urban, or city have different risk levels that can impact your policy.
- Amenities – If your new home has extra facilities compared to your old home, your insurance coverage also changes depending on the value of your home. So, if you have a swimming pool or home theater, then expect a significant change in your policy.
The Bottom Line
Now that you have this information in mind, make sure you stay insured by updating your home insurance coverage for your relocation. Since moving home is one of the most challenging tasks, it’s advisable to plan everything in advance including the insurance side of all the things that need to be accomplished. By doing it, you’ll not only save yourself from anxiety, but this will also make your moving experience a great success.