Business Owners at Home: Moving? Everything You Need to Know About Home Insurance

Buying a home can be stressful – but it doesn’t have to keep you up at night. Get a better understanding of how to handle your old and new home insurance policies for a smoother, worry-free transition.

Q: How long should I have my old house covered on my old policy?

• If you want total coverage, keep your old home covered until the final selling documents are signed.

Q: Who covers my belongings during a move?

• If you’re using a moving company, they will likely provide coverage. Check with them on what they cover and, if necessary, seek outside coverage.
• If you’re moving your own property, your personal property insurance should cover your items. Your property is insured anywhere in the world. But check with your insurance company to discuss what kinds of perils you are covered for and any gaps you might have – remember, breakage is typically not covered.

Q: Is my property covered if it’s put in storage?

• If you put belongings in a formal storage unit, Liberty Mutual will provide 100% of your personal property coverage.

Q: What else should I know about moving insurance?

• Even if you have personal property insurance, lost items and breakage are usually not covered. Contact your insurance company to see what your policy covers, and consider purchasing coverage from the moving or shipping company for perils not covered by your policy.

Q: What should I tell my insurance company about the features of my new property?

• A great amount of detail goes into calculating a home insurance policy. That said, be sure to tell your insurance company about key extra features that aren’t documented. One example is if you’ve installed burglar, smoke, carbon monoxide, or radon detectors. You could be eligible for discounts on your new home’s policy.
• Also, make sure to cover anything particularly unique about your new home’s construction material, roof type, and interior and exterior finishes. Ask questions! You want to make sure you’re covered and it’s better to be safe than sorry.

Q: What other information is helpful for my insurance provider to know?

• If there are multiple people living in the same dwelling, let your insurance company know so your policy can be as accurate as possible.
• If you have pets, tell your insurance company before a move.
• If you have jewelry receipts or appraisals, pass them along to your insurer in order to discuss additional coverage options for higher value items.
• If you have a mortgage lender, share their contact information with your insurance company as well.

Q: What factors could make my home policy increase for my new home?

• There are many factors that make your rate increase or decrease from your previous home, including the layout of your home, the finishes, the size, and location.
• If you have a swimming pool or trampoline, your rate may be affected.
• If you are moving to a region with severe weather, you may see a policy increase.

Q: How can I make sure all of my property is covered after moving?

• If you’re buying new items for your new home, have your personal property coverage adjusted to ensure you’re fully covered.
• Likewise, if you got rid of multiple items before moving, check to see if your rate could be lowered.