MOVING PLACES, CHANGING SPACES
Moving is one of the most stressful transitions we experience and almost everyone does it. In fact, Americans move an average of 11.7 times in their lifetime.* It's not uncommon to feel overwhelmed and on edge when relocating for school, a job, downsizing or just ready for a change. You can make the process easier if you consider insurance implications when your residence is in flux. The National Association of Insurance Commissioners (NAIC) suggests you review these important tips prior to relocating.
Before You Move
This is a great time to take inventory of all the items you own and plan to move. It's helpful to understand what you're packing and moving if items end up missing or damaged. The NAIC Home Inventory app can help you take stock. The free NAIC myHOME Scr.APP.book app is available for iPhone and Android. You can also download our spreadsheet to help track your items.
Auto and Home Insurance Concerns
It's important to contact your auto and home insurers prior to your relocation to discuss the specifics of your move.
Contact your auto insurer to:
Helpful hint: If you're moving to a new state, register your vehicle prior to obtaining a new driver's license.
When moving locations, it's imperative that you speak to your home or rental insurer prior to moving. You want to be sure you'll be covered until you've moved out and that you're going to be covered in the new location. If you bought a new home, make sure your coverage starts the day you close on the house.
In addition, consider asking the following questions:
Have you already moved out of your home? Don't drop your insurance. If there is damage to the appliances or the home, you'll be left to cover the cost. If you've left the property, but your furniture is still there, a vacancy clause will apply. An unoccupancy clause will apply if all items have been moved out. If you vacate the home without notifying your insurance company, they might suspend your policy or refuse to pay for damage.
Choosing a Moving Company
If you decide to hire a moving company, make sure the company has proper coverage.
Storing Your Possessions
If you're putting your items in storage during the relocation, talk to your insurer about what coverage you will have for your possessions while they are in the facility. You might need to purchase a policy known as an inland marine policy or floater to provide you the coverage you need while your possessions are being stored.
Something else to consider when moving to a new home is a home warranty. Home warranties cover many, but not all, appliances and systems in your home. It's typically a one-year contract that provides repair for normal wear and tear. New homes usually come with a home warranty. If you're buying a home that is not brand-new, you might be able to negotiate a home warranty with the seller or purchase one on your own. Note, you may also be able to extend the policy after the first year. Not all home warranties are regulated by the department of insurance but you may want to check with your state's department.
Be sure to let your health insurance provider know your new address. Check their provider network to make sure you have access to the doctors, specialists and emergency care you may need.
For more information about purchasing a home, including loan options, visit the Consumer Protection Financial Bureau's page on owning a home.
*According to the American Community Survey.
|The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S. For consumer
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