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New Home, New Coverage? Transferring Your Home Insurance Explained

does home insurance cover moving

May 29, 2024

Home Insurance

You've found your dream home and are starting the exciting moving journey. Amidst packing boxes and change of address forms, one crucial detail often gets overlooked: home insurance. Let's find answers to all your questions about transferring your home insurance, ensuring a smooth transition for you and your belongings.

Can I Transfer My Home Insurance Policy to My New Home?

In most cases, transferring your existing home insurance policy to your new home isn't possible. Home insurance policies are specific to the property they cover, considering factors like location, construction type, and value. However, you can certainly contact your current insurance provider to discuss your options.

They might be able to offer a new policy for your new home, potentially with a discount for being a loyal customer. Exploring this possibility before starting your search elsewhere is always a good idea.

When Do I Need to Have Home Insurance When Buying a Home?

Securing home insurance is crucial before closing on your new property. Most mortgage lenders require proof of homeowners insurance to finance the purchase. Don't wait until the last minute!

Related Article: Will My Primary Residence’s Homeowners Insurance Coverage Protect My Second Home?

When Should I Cancel My Home Insurance After Selling My Home?

The timing of canceling your home insurance after selling your existing home depends on the terms of your contract and any overlap with the buyer's coverage. Ideally, communicate with your insurance company and your realtor to determine the best course of action. In most cases, you can cancel your policy on the closing date when ownership officially transfers to the new buyer.

Can My Homeowners Insurance Be Transferred to the New Owner?

The new homeowner cannot inherit your existing home insurance policy. They will need to obtain their own homeowners insurance policy specific to their purchasing property. This is because the new owner's needs and the property itself may have different insurance requirements.

Is My Stuff Still Insured While It's Moving to My New Home?

There are two primary considerations regarding insurance coverage for your belongings during a move:

  1. Mover's Insurance: Most moving companies offer basic liability coverage for your belongings during the transport process. However, this coverage is often limited and may not cover the total value of your belongings in case of damage or loss.
  2. Renter's Insurance (if applicable): If you're currently renting your existing residence, your renter's insurance policy might offer limited coverage for your belongings while in transit. Review your policy details carefully to understand the extent of coverage provided. 

Don't Let Your Home Moving Become a Risk with Kneller Insurance Agency

Moving can be a stressful time, but it shouldn't be a gamble when it comes to protecting your new investment. At Kneller Insurance Agency, our experienced agents are here to help you navigate the world of home insurance and find the perfect coverage for your new home. Contact us today to ensure your dream home is properly protected from day one. Call us at 518-392-9311 for a quick consultation

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