Moving. It can be the best of times. It can be the worst of times.
But for better or worse, the average American will change homes 11.4 times during his or her lifetime.
Amid the excitement and stress, it’s easy forget that moving will affect your home and auto insurance. You want to be prepared.
Changes to Your Home Insurance
When you realize a move is in your future, turn to your River Oaks Insurance Agent for help. Here are a few subjects you’ll want to discuss:
• Your current home. If you’ve accepted an offer to sell, remember that a fire, windstorm or other damage could easily delay closing or even cancel the sale. Your agent will assist in making sure the insurance coverage lasts until the ownership change is formalized.
• If you’ll still own your current home while living elsewhere, your agent needs to know immediately. Failure to inform the insurance company that a home is no longer owner-occupied can significantly affect or even eliminate coverage on it.
• Can you keep the same agent and insurance company? Your current agent and insurance provider may be able write the policy on your new home, transfer any credits you’ve qualified for and apply any premium you’ve already paid. But if your current agent or provider doesn’t operate in the area where you’re moving, your agent can help you find a new agent and provider.
• New neighborhood. New rules? Your Trusted Choice independent agent can also offer information about differences in insurance rules between one location and another. For example, your new home may be in a designated flood zone and require flood insurance or be in an area where policies include a separate deductible for windstorms.
• What about personal property? Our stuff is important! Whether you own or rent your current and new home, talk with your agent about how coverage will apply:
1. If your property is damaged while it is being packed or is in storage or transit.
2. If your property is damaged while it is being unpacked at your new place or after it has been moved.
If you need more coverage, your agent will help you explore options. Also, if you are hiring professional movers, remember that they are required by federal law to provide at least a basic level of liability insurance with additional insurance available for purchase.
Changes to Your Auto Insurance
You may be moving, but chances are you’re not changing cars at the same time. Even so, it’s still essential to contact your agent. Here are a few reasons why:
• Your risk exposure could change. This can happen even if you move just across town or to a different city in your own state. For example, your exposure will change if you are moving from a rural area to a higher-traffic area, or if your new home is further away from your work, increasing the total number of miles you normally drive.
• You may qualify for new discounts or (eek, we’re sorry!) lose ones you currently have. For example, if you rent your current home but are buying your new one, you may now qualify for a home ownership discount.
• New state? New laws. If you move to a new state, you’ll need a new policy because auto insurance is regulated by state law. Note that, as was the case with your home insurance, your current agent and insurance provider may not operate in your new location. Ask your agent for help in finding a new one.
Make New Memories
It’s important time to evaluate the insurance on your home, stuff and autos whenever you move. It’s also the perfect time to take inventory, including photos and video, of your possessions. That inventory is key to accurately insuring the things you treasure. Happy moving! Enjoy making your new house or apartment into a home. And remember, you can rely on your River Oaks Independent Insurance Agent to help you along your way.