Do Your Insurance Needs Change When You Move?

There are a lot of things to think about when you’re moving. Packing, cleaning, movers, vehicles, coordinating utilities, and more. Insurance is probably not one of the things at the top of your list. But it is something to consider for more than just changing your address with your agent. Here are a few reasons why you should take more time for your insurance move.

Different Risks

Even if you are moving locally, your new location may have different risks. Are you in a higher risk flood zone? Do you have other structures on your property that your previous property didn’t contain, like a detached garage, shed, or even a pool? Is your new home a more recent build, older home, or renovation project? All these factors can contribute to different needs for your insurance.

Location

Moving to a different city or state? Make sure you are aware of how the home values in that area can affect the amount of coverage you need. The purchase price isn’t the only indicator of the value of your home. Will you be adding on to the home? Are you renovating or redecorating the interior? Discuss your plans and timeline with your agent to discuss how these investments can impact the value that needs to be insured. Another location factor will be your home’s access to emergency services. The “protection class” measurement takes this into account and assigns a 1-10 score (1 being the best protection) to the property. Properties that have little or restricted access to fire and other emergency services will likely be harder to insure and/or require higher premiums.

Moving Your Property

The actual moving of your property should be considered as well. While you may have coverage under your prior home or renters policy, there is a very important distinction to be aware of here. Most property policies will not pay for any damage done to personal property while being handled by professional movers – when packing or even physically moving the items.

You’ll need to understand what coverage the movers themselves have and what they offer. Be careful with any “waivers” or other articles releasing responsibility for damages. Don’t sign these unless you fully understand what you’re giving up in coverage.

If you’re moving to another state, there is a federal law that moving companies must offer you the option of minimum liability or full valuation per the Federal Motor Carrier Safety Administration.

As you can see, it’s important to review your current and new coverage before you move. Have a conversation with our agents if you’d like to learn more about how to be better prepared for your insurance needs as you move.