How To Get The Best Home Insurance When Moving House

Moving house is a complex process that requires a lot of detailed planning and sleepless nights. Unless, of course, you have the best movers by your side to help you navigate the troubled waters with the right gear. If you are still busy figuring out what are the top 5 best moving companies you should consider hiring for your exact relocation needs, take your time. The decision will make a huge difference in the process, as well as in making sure all your beloved items will safely reach your new location. Another important thing you will need to focus on is related to finding the best homeowners insurance for your new property. 

If you’re in Florida, you can also check out these Florida movers.

Do you think you could possibly transfer the current home insurance to the dream house? Should you get a fresh policy instead? Without further ado, let us quickly find out the way homeowners insurance for new homes works when moving to a new place.

Transferring Old Home Insurance To Your New Home

Unfortunately, this is not truly possible. While you can hold on to your old insurance agent or insurance company that you have been used to working with when owning your former home, you will not be able to do the same with the insurance policy.

Why? It’s simple. Your new property is a completely different one and it comes with its own requirements and associated risks and hazards. You will need a completely different type of coverage for it, which also means you may need to prepare yourself to pay a different lump sum, whether a smaller or a larger one.

A top insurance company will charge your policy based on a series of elements and aspects, including the square footage of the house, the existence of any detached garages and other similar structures, or the construction materials that have been used when the house was built.

You may be asked for a certain minimum insurance amount from the lender, and this amount might not be equal to the amount that you were asked to hold on your older house.

Moving Out of State VS Local Moves 

Keep in mind that moving long-distance, out of the state will normally mean that your insurance company may not be able to write a new policy for your new property in the new state you plan on moving in. The particular requirements for your insurance policy will greatly differ from one state to the next. This is why it is important to keep permanent contact with your insurer and find out whether they are licensed to write new policies there. If this is not the case, try to look for a different company that would match your exact needs. 

If you plan on doing a local relocation, you might be able to have your current insurance company write you a new policy for your brand new home hassle-free.

How Soon Do You Need New Home Insurance?

As a general rule of thumb, you are going to need proof of your new home insurance at the time you will close the deal and purchase the property. Let your agent know about your plans so they can prepare all the necessary documents for you right on time. As for the insurance on your old home, it should remain in effect until the selling process will be completed, provided all the premiums are paid on time.

 Get the best homeowner’s insurance policy that matches your budget and needs and cover potential loss

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