It’s time to move, now what?
If you’re a homeowner putting up a for sale sign, there’s going to be lots on your to-do list. One of the most important tasks is taking care of your home insurance.
Home insurance premiums are based on a variety of factors – including location, replacement cost, utilities, extra amenities, and more. Where you are moving to is likely going to be quite different than the home you live in now.
Here is a guide to make sure all the bases are covered:
- Inform your insurance broker. When the purchase of your new home is confirmed let your broker know when you will be leaving the current house and taking possession of the new one. In fact, that’s good to know beforehand because it will help you figure out the total cost – including insurance premiums – of the property. Your broker can help you manage your insurance transition and ensure that you are adequately covered at all stages of the move. Remember, you’ll want the right type of coverage if you’re moving from a condo to the suburbs or from a home to an apartment.
- Take an inventory. Moving is a wonderful time to take stock of what you have and edit what you don’t need. The fewer items you have to move, the better. It might even cost you less! While you’re at it, if you don’t have a home inventory it’s the ideal time to create one. Should something ever happen, an inventory can be an invaluable tool for insurance purposes.
- Day of the move. Some insurance policies will cover your insured location and personal property while you’re in transit, up to 30 days or until the policy expires. Check with your broker to see if this is applicable to your policy. If you’re using a professional moving company, make sure they have their own insurance. Most home insurance policies won’t cover marring, scratching, abrasions, or chipping – so you’ll want the moving company you pick to have an insurance plan that would cover this.
- Storing your possessions. If you need to store some of your possessions, talk to your insurance broker to find out if your policy will cover items while in storage. If your storage needs will be long term – 90 days or longer – you can consider a contents in storage policy.
- Is moving the best time to shop around? While many people think of moving as an ideal time to shop around for new policies, you need to be aware if you cancel your insurance policy midterm there will likely be a penalty. Generally, the best practice is to stay with the same insurer before and after your move to ease your transition and avoid a cancellation fee.
Bottom line, if you’re thinking of putting your home on the market this season, be sure to keep your insurance broker in the loop.
NACC has partnered with HUB Insurance to provide a one-stop-shop for Commercial Insurance, Employee and Student Benefits, Group Retirement, Surety and Personal Insurance. To discuss your college’s unique needs please complete the form found here: HUB Inquiry Form
