When you move, there are a lot of things to think about – one of which is to transfer your home insurance policy. You might be wondering if it can be transferred when you move, and the answer is yes! Most insurers will allow you to transfer your policy as long as you provide the correct information and meet the requirements. In this article, we will review some of the things you need to know in order to make it happen!
Why would you want to transfer your policy?
There are a number of reasons why you might want to transfer your homeowner’s insurance policy to a new address. If you’re purchasing a new home, for instance, you’ll need to obtain coverage for the property. In some cases, your current policy may be transferrable to the new address. However, it’s important to check with your insurance company to see if this is an option.
What are the requirements for transferring a policy?
If you’re purchasing a new home, it’s always a good idea to contact your insurance company to see if you can transfer your existing policy. Most companies will require that you provide proof of ownership for the new home and that the home is up to their standards in terms of construction and location. In addition, you’ll likely need to provide an updated estimate of the value of your home and its contents. Once you’ve provided all of the required information, your insurance company will be able to give you a quote for transferring your policy.
What are some of the benefits of transferring your policy?
There are many reasons why you might transfer your insurance policy to a new owner. If you’re moving to a new home, for example, you’ll want to make sure that your replacement cost and insurance coverage are up to date. A moving company may also require that you have liability coverage in place before they will agree to move your belongings. Regardless of the reasons for transferring your policy, there are some important benefits to keep in mind. First, replacement cost coverage will ensure that you’re reimbursed for the full value of your possessions if they’re damaged or destroyed in a covered event. Having liability coverage in place can also give you peace of mind knowing that you’re protected financially if something goes wrong. This would help to protect you from lawsuits if someone is injured on your property.
How much does it cost to transfer a policy?
The cost of transferring your home insurance policy will depend on the replacement cost of your new home and the insurance coverage you have in place. If you have a high premium home insurance policy, you may want to consider increasing your deductible to lower the cost of transferring your policy. You will also need to notify your home insurance company of the ownership of your new home. Once you have notified your home insurance company of the ownership of your new home, they will be able to provide you with a quote for transferring your policy.
What should you do if you don't want to transfer your policy?
When you transfer your home insurance policy, you may not be getting the best deal. Your new agent will most likely want to increase your coverage and may even cancel certain discounts that you were receiving from your previous policy. If you don’t want to transfer your home insurance policy, you should call your agent and let them know. You may be able to keep your current coverage and discounts if you switch to a new company. However, if you cancel your insurance, you will need to reapply for coverage with a new company. Be sure to shop around and compare rates before you decide to cancel your home insurance policy.
Whether you’re moving across town or to a new province, it’s important to know that your home insurance policy will move with you. Most insurers allow policy transfers as long as you meet the requirements, so be sure to give your broker a call and they can help get everything set up for you.
And if you have any other questions about home insurance, don’t hesitate to reach out – At InsureBC, we’re always happy to help!