Moving to a new home can feel a little overwhelming, especially when it is your first time, and you’re on your own. But other than finding the right mover and the perfect house, you also have to find the right insurance policy. So to help you out with your move, here are some essential questions that you should ask yourself about home insurance and moving.
Essential Questions
What Does Homeowner Insurance Cover?
Homeowners insurance can cover many things, but it also depends on the contract you receive. Homeowners’ insurance, at the bare minimum, covers your home and belongings. On the other hand, some policies go the extra mile and cover your entire property. Hence, your insurance provider will cover any damage to the front lawn or the backyards.
Your insurance provider will also cover losses such as theft and fire, but may not suffer the expense of a lawsuit filed by a person that was damaged on your property. Policy varies among providers, so help from a professional can help you understand the nuances of each policy and its limitations.
What Happens When I Move To a New Home?
Depending on the type of insurance that you have, be it homeowners’ insurance or renters insurance, moving to a new home may not have any implications on your current plan. If you have renters insurance, you will not have to renew your insurance coverage. But any of your belongings in transit will not be under renter’s insurance coverage, which means that any damage to your belongings during transit will be at your expense.
On the other hand, your homeowners’ insurance will be subject to change when you move from an old house to a new one. Therefore, you will need the help of a professional agent to help you migrate from an old plan to a new one.
What Does Renters Insurance Cover?
Renters insurance is different depending on who gets it. Renters insurance on behalf of the landlord means that their physical property is protected. In other words, any physical damage that can occur to the property, the provider will cover it. On the other hand, the tenant will also get an insurance plan, which will protect their belongings from theft and from any lawsuits from individuals injured within your premises.
Rental insurance will also cover other tenants if their rental becomes inhabitable due to a fire or any other covered loss. The thing to remember is covered loss, as insurance companies do not handle all losses to occur, especially natural ones, like hurricanes or cyclones.
Conclusion
Moving to a new home can be very hard, especially when you don’t know a lot about your insurance and how it will work under certain circumstances. However, we hope that with the aforementioned questions, you were able to better understand how insurance would work when you are moving.
