Home insurance can change as your lifestyle changes, especially if you decide to move. When moving house, it is important to notify your insurance agent and keep in contact to discuss how a move may affect your insurance rates.
In many cases, you will have to transfer to a new policy when you move. This is because a home insurance policy should be tailored to fit your specific home’s needs.
By contacting your insurance agent, you can discuss your home insurance options when it comes to moving. In many cases, you may be able to stay with the same insurer—especially if you are moving within the same state. This way, your insurance agent can help you set your current home insurance policy to stop around the same time your new policy can start so that you do not have a gap in coverage between the move.
Moving Across State Lines
If you move across state lines, you may face different circumstances. Many insurance providers only cover certain states and areas with home insurance. If you move to a state that is not covered by your original insurer, you will have to find a policy with a new insurance provider.
Your requirements for home insurance may also change. While home insurance is not required by most state or federal laws, banks require homeowners to carry enough home insurance to cover the value of their mortgage. If your mortgage on your new home is different than your previous mortgage, you will typically have different requirements.
Is Home Insurance More Expensive When You Move?
The act of moving itself does not cause your home insurance rates to increase, but your premiums will change depending on different aspects of where you move. Your new location and total replacement cost value of your home can all affect the cost of your new home insurance policy. If you move to a more expensive home, for example, you will generally pay more for home insurance. You should also consider the environmental factors and crime rate of your area. If you move to an area with less crime or less frequent storms, you may save money on your home insurance in comparison to what you were paying before.
Be sure to speak with your insurance agent and make sure that you have the right coverage for your new home.
Also Read: When Can a Home Insurance Claim be Denied?
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