AllRisk Auto Insurance, LLC Blog
Have you been planning to move to a new home? Maybe your current house isn’t big enough, or you have grown tired of it. You could have found the house you dreamed of. When your time comes to move into your new home, your home insurance must move in with you.
This is all you need to learn about transferring your home insurance to a new home.
Do You Change Home Insurance When Moving?
The short answer is yes. It would help if you changed your home insurance when moving to a new house. Home insurance is dependent on your location and risk factors. When moving into a new home, the risk factors that your insurance was covering in your old house can be different in your new one. These new risk factors must now be evaluated to update your existing home insurance policy.
Can You Transfer Your Home Insurance?
Technically you can transfer your new home insurance, but it will be like replacing it with a new policy. Because every house is different and unique, a new home insurance policy is required, which would change the cost as every factor involved in the policy can also change, including the area, home construction, and potential risks.
When moving to a different state, it’s possible that your insurance provider is not authorized to write insurance policies in that specific state. If you transfer to a different state, you should consult your insurance provider first.
When to Cancel Home Insurance of Your Old Home?
When selling your old house, it is best to cancel your home insurance when your house’s sale has fully gone through. This means that the transaction has been completed, you have vacated the property, and the new owner has moved in.
Although it might seem better to cancel your insurance policy during the closing date, it would be better to hold off because there might be instances when you would still need your insurance plan. Your buyer can cancel at the last minute, or you could damage the property while moving out.
Moving into a new home doesn’t mean you’ll be left financially unprotected. It is always possible to transfer your insurance policy with you when transferring to your new house. Although your insurance policy might change depending on your new home, this can be better as it can cover everything specific to this property. Now you have nothing to worry about during the big moving day.
At AllRisk Auto Insurance, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (360) 693-4044 or Click Here to request a free quote. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!