Whether you’re upsizing, downsizing, moving across the country, or moving down the street, it’s important to review your homeowners or renters’ insurance policy with your agent. Not all insurance companies or agents are licensed to write in all states, so moving could dramatically affect your homeowners or renters’ policy.

Your agent will need to know:

• Age of home
• Construction material
• Type of roof
• Square footage
• Interior finishes
• Mortgage lender details

If You’re Hiring Movers:

Your homeowners or renters’ insurance will likely provide limited coverage for household belongings during the move. Know your policy deductible and how it is applied before the move. This deductible will apply to any claim made for a loss on your belongings.

If You’re Doing It Yourself:

You will likely need to rent a truck. Some personal auto policies may provide liability coverage in a rented truck, but many do not. Talk to your agent about coverage and limitations before renting the truck.

If You’re Renting Your Property:

Because of the poor economy, many people are having difficulty selling their homes, so they are renting out their property. In this case, the home has gone from a residence to a place of business, which changes insurance needs.

A landlord insurance policy is sometimes called a “dwelling fire policy.” This policy covers the house, structures on the property, the owner’s possessions (washer or dryer), and lost rental income if the house becomes uninhabitable. Tenant possessions are not covered under the dwelling policy, so they would need to purchase renters insurance.

Moving is a Great Time to Make a Home Inventory

As you unpack boxes in your new home, take pictures and make a list of your belongings. Here is a great home inventory tool.

Vacant Homes May Not be Covered

The insurance risks and liabilities associated with owning vacant property can be extensive. Most insurance companies include a clause that the homeowners’ insurance will expire if a home is left vacant for more than 30 or 60 days (depending on the policy). This leaves the property owners financially vulnerable for risk. Click here for more information on protecting your vacant property.

Information from NAIC.

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