Not all insurers offer coverage in every state. Renters or homeowners who move to a different state often assume that their insurance follows them. While some big insurance companies are licensed in all states, other smaller companies are not. Check with an agent about insurance at the new location before moving. Also, some states have different requirements for auto or home insurance policies.
Any move can affect the cost of insurance. Premiums are partially based on location. For example, someone who relocates to an area known for wildfires may have to pay more based on that hazard. A person who lives in a big city and moves to a different zip code will still need to update the policy and may have a slightly larger or smaller premium. Also, the features of the home itself play an important role in determining policy coverage and costs.
Be prepared to provide insurance information to movers. People who hire movers are usually encouraged to purchase insurance from the vendor if they lack adequate home or renter's insurance. Moving companies usually offer it based on the weight of the moving load or a lump sum value. Most standard home and renter's insurance policies cover a certain amount for damaged belongings in transit. Be sure to understand the deductible and how it works. When a moving company is towing a vehicle, owners must ensure that their auto coverage includes liability for damages in transit.
Understand DIY provisions. Many people choose to rent a truck on moving day and enlist the help of friends. When this is the case, check to see if a personal auto policy covers the rental truck for liability. Many insurers do not offer this coverage, and some provide limited coverage with exclusions based on the size of a truck. Rental companies usually offer coverage for an extra fee. Also, be aware that anyone who is injured on the insured property on moving day could file a claim for medical costs.
Be an informed landlord. Although some people prefer to rent out a home over selling it, they are not aware of changing coverage needs. Home insurance changes and only covers the landlord's belongings such as appliances in addition to the structure and property. Also, it covers lost rental income if the dwelling becomes uninhabitable. There are limited liability provisions. These policies usually cost up to 25 percent more than what homeowners pay for insurance.
Update the home's inventory. Moving time is the perfect time to make note of any discarded or donated belongings of value. Also, add any new items of value to an insurance policy. Keep receipts or purchase records. Take photos of new or existing items of value in each room as well as general photos of the rooms and their contents. Keep in mind that furs, firearms, rare art and fine jewelry should be insured separately.
Discussing an upcoming move with an agent in advance will help make the transition smoother. Also, agents can suggest helpful apps for taking and storing photos or information about belongings. To learn more about any other moving issues with insurance, speak to an agent at Halo Insurance & Benefits Group 314-351-HALO(4256).