Once in a while, individuals are expected to relocate from where they are staying to other places. In this incident, they may have paid for some insurance policies in the home. the question will now be, will such insurance policies be transferred o their new home? Just go through this post, What Happens to Your Homeowner Insurance Policy when You Relocates carefully.
may be some will also ask if the insurance company will be under an obligation to cover the new home.
Meanwhile, one thing that is certain is that you want to get insurance policy for your new apartment. But You are now asking yourself, can you just transfer your existing insurance to the new house? Or do you need a new policy? This post is going to revolves on the answers to the above question and other incidental questions.
CAN MY EXISTING INSURANCE JUST TRANSFER TO MY NEW HOME?
The first that will be asked is that, can mu existing insurance be transfer to my new home, in simple words, the answer is No, not really. Your insurance policy can not be transferred to the new home but you can decide to stay with the same insurance policy. The reason for the above is because your new apartment is quit different from the old home. Apparently, the price for the insurance policy may differ and such new price for the insurance policy may depends on the number of factors, which may include the square footage of the property, whether it has any additional structures (like a detached garage), the materials used to build the home and other factors.
It will also be imperative for you to Talk with your insurance agent to see what changes may need to be made in order for your new home to be covered by the insurance company.
DOES IN-STATE VS. OUT-OF-STATE MATTER?
To the above question, out of state really matters as it is not all insurance companies that are licensed to write policies in every state.
It will also be important to note that the Insurance requirements may also vary across state lines. Then it will be encouraged that you should reach your agent to verify if your insurance company really writes policies in the state you are moving to. if they are not writing policies then its an opportunity for you to go to a new insurance company for your home to be insured.
WHEN IS THE RIGHT TIME TO MAKE THE SWITCH?
under this, it will be advisable to state that you should call your agent on time and inform him the date and time that you shall be packing to your new home, so that he can secure insurance policies to cover your home and the properties.
Generally, coverage on your old home will generally remain in effect until the sale of the property is complete, as long as your premiums are paid and this is dependent on your insurance company. But you need to hurriedly Make sure you confirm that with your own agent.
WHAT IF EITHER HOME WILL BE VACANT FOR A TIME?
If you will pack to your new home and have the old apartment vacant for a period of more than 30 days, it will be important that you will talk with your agent on this, as most companies always disagree with expecting to cover a vacant t home as many perils may likely occur in an unoccupied home with ease unlike a dwelling home.
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