Want to Know How to Transfer Insurance Policies Between Your Old House and New Home In Record Time

Are you about to move home? Congratulations! This is likely to be an exciting – but exceptionally busy – time. With everything else you have to do to prepare for the move, thinking about transferring insurance policies from your old to your new pad can easily slip your mind.

Keep this task firmly near the top of your to-do list, though, to ensure continuity of cover. Plus, it means you won’t have the hassle of having to arrange a new insurance policy once you’re in your new home and want to get on with more exciting things.

It may sound like the sort of job that’ll be time-consuming, but transferring your insurance policy can be done in double-quick time. Read the guide below to find out how.

Steps to Transfer Your Home Insurance Policy

The key to getting this task completed quickly is organization. Once (or even before) your house is sold, spend some time comparing home insurance quotes to ensure that, even if you are able to transfer your policy, this represents the best deal.

Next, you’ll need to contact your insurance provider. First, gather together all the information you’ll need regarding the sale of your home and your new property, including the buyer’s details. When purchasing homeowners insurance, you need to pay attention to all the ins and outs of the policy or simply give your provider a call. Getting this done as soon as possible is important in terms of speed, as the provider may require an inspection to be carried out on the new property before making a decision on whether or not they’re prepared to transfer your policy.

If everything goes smoothly and the transfer is approved, the necessary adjustments to your homeowner’s insurance policy will be made, including those related to coverage limits. You will be provided with a revised policy reflecting the transfer and any endorsements or changes applying to the new property.

What are the Benefits of Transferring my Home Insurance Policy?

The main benefits of transferring your homeowners’ policy to your new home – rather than simply canceling it and taking out a new one – include the fact that this option allows for seamless coverage. Plus, you’ll still have access to any benefits or discounts you may have earned over time from your insurance provider for being a loyal customer.

Transferring Your Renters Insurance Policy

If you rent your home, having a renters insurance policy in place is an extremely good idea. As well as providing protection for your stuff against damage or theft, many policies will also cover living expenses should you need to temporarily move out of your home. Plus, items such as your laptop and mobile phone may be indemnified even if the damage or theft occurs when you’re using them outside of the home.

But if you have a renters insurance policy in place in relation to your current pad, you may be wondering whether it can come with you to a new rented property – or whether you’ll need to take out a brand new one.

Luckily, in many cases this is not only entirely possible, but is the work of just a quick phone call to your insurance provider. Usually, the only potential fly-in the ointment is if you’re moving to a new neighborhood, city, or state in which the company doesn’t offer cover.

If the insurance company can transfer your renters’ insurance policy, then it’s usually just a case of providing them with your new address details, as well as your prospective new landlord’s details and the start and end date of your new lease. You may be required to pay an additional amount for your policy, depending on several factors, including the area you’ll be moving to and the size and nature of the property. Further, now is a good time to assess whether your coverage is adequate. For example, if you’re planning on buying a new entertainment system or furniture for your new home, you may wish to up your indemnity level. And your insurance company will be sure to oblige!

Is the Transfer of Renters Insurance Policy Seamless?

Yes, in most cases, your policy will seamlessly switch, meaning it’ll start on the day you move into your new home. Should there be an overlap between the old and new lease, your renters’ insurance policy will typically cover both properties for a period of up to thirty days – though check this is the case with your insurance provider.

Final Thoughts

If you’ve just sold your home or are about to move into a new rental property, it’s important not to put off transferring your home or renters’ insurance policy. A quick phone call to your provider is all it takes to ascertain whether this is possible – meaning if it’s not, you can act quickly to secure a new policy before moving in the day; in most cases, however, transferring is not only possible but a quick and stress-free affair.

We buy houses professionally, so we understand what this process is like. It’s worth it to transfer your insurance policy when buying and selling homes. Even when your home is located in an area