How Does Moving from an Apartment or Condo to a House Affect My Insurance?

How does moving from an apartment or condo to a house affect my insurance

Getting ready to upsize your home? 

Whatever the reason, moving into a larger place is an exciting step. Just make sure you protect yourself through the move by updating your insurance. Here are some of the most important ways your insurance could change as you transition to a house from an apartment or condo. 

Do I Need to Change My Home Insurance When I Move?

Yes, almost certainly. Home insurance coverage and premiums are usually calculated based on your home’s location and a number of other factors that are unique to the building like whether it has an alarm system, whether it’s close to a fire hydrant, and so on. Since these things change from building to building, most moves will require you to update your insurance.

Consider Whether You Need a New Type of Insurance

While condo insurance may have been perfect for your apartment, it might not work for your new house. Most people will need to choose between homeowners insurance or renters insurance. And if you’re renting out your old property, you’ll also want to consider landlord insurance. 

  • Homeowners insurance is for when you own your home. It typically protects both the building as well as your personal property items. Homeowner insurance policies usually cover four key areas: damage to the inside or outside of the home; damage to sheds, garages, or other property buildings; loss of personal property from theft; and liability resulting from a person’s injury on your property. 
  • Renters insurance is for when you’re just renting the home. It usually covers damage or loss of personal property, liability resulting from injury, and other living expenses you might incur if you cannot live in your home due to damage or another reason. It generally doesn't cover damage to the building or property.
  • Landlord insurance is for when you own a property that you’re renting to others. Landlord insurance policies typically cover the home and other structures in the case of damage. It usually doesn’t cover personal property items.

Pro tip: Most standard home insurance policies don’t cover natural disasters like floods or earthquakes. Get flood insurance or an earth movement policy for additional protection.

Stay Covered during the Move

Make sure you’re protected up to—and during—the move. Many homeowners and renters insurance policies provide coverage during the moving process, but it’s a good idea to make sure you know what is covered and how long the coverage lasts.

For example, some policies cover your personal property items if they are stolen during the move, but not if they're damaged during the move. Policies may or may not cover items in storage or liability in case someone gets injured. And coverage may change if you use a moving company. 

Talk to your independent insurance agent to make sure your coverage meets your needs during your transition to the new place. 

Pro tip: Take inventory of your belongings while you’re packing them. A list of your personal items will come in handy if you need to make a claim of stolen or damaged property. 

Don’t Forget to Protect Vacant Houses

Is your old apartment going to sit empty? Stay in contact with your policy provider to make sure it’s protected. 

You’ll probably want to cancel your policy on your old apartment eventually, but make sure it lasts for as long as the place is still yours. Keep your insurer in the loop on whether your place will stay empty, whether renters will move in, or when new owners take possession. That way, they can help you coordinate coverage so there are no surprises in the case of an accident. 

Pro tip: Moving date changed? It happens. Just let your independent insurance agent know so your coverage can be adjusted.

Remember to Update Your Auto Insurance

If you’re moving to a new location, you'll probably need to update your car insurance. Auto insurance premiums are often calculated using factors like the length of your commute and the frequency of theft in your neighborhood, which may change when you move.

Pro tip: Save big by bundling your home and auto insurance together through one carrier!

The Right Insurance Keeps You Protected

Moving to a new house is a huge, exciting step. Your new home isn't just an extremely valuable asset—it’s the start of a new life. 

Make sure it’s protected. 

Reach out to your local independent insurance agent to learn more about your insurance options for your new, larger home. We're here to support you, answer your questions, and ensure that you get the coverage you need. If you don’t already have one, you can find an independent insurance agent today. 

Share this page on Twitter Share this page on Facebook Share this page on LinkedIn