How to Transfer Your Home Insurance When Relocating?

Perhaps you've outgrown your starter house or found your dream home. Ensure that your home insurance follows you to your new location when you decide to relocate.

Here are five often asked issues regarding the transfer of house insurance during a move.

Can I transfer my homeowner's insurance to my new residence?

Yes, however, you will need a new homeowner's insurance policy because every home is different. It will likely cost a different amount because the home's construction, location, and potential new dangers (such as an in-ground pool) may vary when you move.

The only exception is if you move out of state. Your insurance agent may not be authorized to sell coverage in that state. Check with your insurance agent to determine whether they can continue representing you if you move out of state. If not, they may be able to assist you in finding a new agent in your new state.

When am I required to purchase home insurance when purchasing a home?

When closing, you should have house insurance coverage for your new home. Before agreeing to finance your house, mortgage lenders almost always ask you to purchase homeowners insurance.

It is prudent to notify your insurance agent once your offer on the home has been approved. They will assist in setting up the new policy with your insurance provider. It will be prepared so that it is ready to be shared with your mortgage lender, or at the absolute least, have it ready for you when you close your new house.

When should I terminate my homeowner's insurance after the sale of my home?

When you've sold your house, you can terminate your homeowner's insurance coverage once the transaction is complete, you've moved out, and the new owner has taken possession.

On the closing day, you may be tempted to cancel the order. But don't. Wait a few days. Why? Because if you move out post-closing and cause damage, your insurance may reimburse the costs. Also, negotiations with homebuyers might fall through at the eleventh hour, and you don't want to be stuck in a bad scenario without insurance.

You may have overlapping home insurance coverage for a few days if you purchase a home while selling your current residence. However, this should not be a financial strain and will help you remain fully protected throughout the home-buying process.

Can I transfer my homeowner's insurance to the new owner?

No, the new homeowner is responsible for purchasing their own homeowner's insurance coverage. Homeowner's insurance must be in the name of the current owner.

Is my property still covered during the moving process?

When your goods are being moved into your new residence, they may sustain damage not covered by your homeowner's insurance. For instance, fire and theft would likely be covered, but improper handling would likely not.

Talk to your independent insurance agent if you have further questions about handling your house insurance during a move. They will be able to direct you.