Home Insurance Articles

How Moving Can Affect Your Home Insurance Coverage

2010-07-24

Moving is almost always a stressful process. While you are busy packing your belongings, arranging inspection for your new home and getting estimates from moving companies, you will also want to check on your home insurance coverage. If you are currently renting and will be moving to a home that you will own, you will want to research your options and purchase a home insurance policy that is right for you. If you own the property you are moving from, you will want to contact your insurance agent and reassess your home insurance needs.

There are several factors that influence your home insurance coverage. Typically, home insurance policies are designed to cover a combination of property damage and third person liability. In other words, your policy should cover the cost of your home-or the cost to rebuild your home. It is important to note that the cost to rebuild is often drastically different than the price you paid for the home. Most property coverage also includes damage to your home. Home insurance usually includes coverage against theft, as well.

Different policies, however, cover different kinds of damage or liability to your home. Depending on where you are moving, you might need a different kind of coverage than previously. For example, if you are moving to a more tropical area, you may need coverage against rain or wind damage. Or, if you are moving to a northern area with a long winter, you may need coverage for the weight of ice and snow on the roof. Coverage for your new home may include fire and lightning damage, smoke damage, damage from falling objects, ice damage, theft of contents, damage by vandalism, accidental electrical damage, windstorm and hail damage, and damage by vehicles. Your home insurance coverage needs will change with your move not just because of the cost of your home, but also because of the specific joys and challenges of that home and the area in which it is located.

Of course, you will also want your home insurance coverage to be broad enough to include liability coverage for you and your family. You may also want your home insurance policy to cover high-priced personal items like televisions and other expensive electronics, jewelry, fine art, or antique furniture. Policies with replacement costs for damaged or stolen contents allow you to make claims or ask for payment on personal property without worrying about depreciation. You may also want coverage for possible sewer accidents or well leakage.

Overall, as you go through the busy moving process, you will also want to explore the insurance options for your new home.