Moving? Here’s What You Need to Know About Your Homeowners Insurance Policy

Did you know May marks National Moving Month? It’s the start of the peak season for home sales, which takes place in the summer months, and for people and families across the country to relocate to their new, beautiful properties. In fact, on average, more than 30 million Americans move each year – and 28.2 million moves in 2022 alone were to places within the same county.

Moving homes can be an exciting yet overwhelming experience, but it’s essential to not overlook the importance of your homeowners insurance policy amid the many boxes that need packing and little logistical details. Whether you’re relocating across town or across the country, understanding how your insurance policy works – and what you need to protect your assets moving forward – is crucial. Here’s what our team at Boyd Insurance & Investments suggests you consider from the start of your move to the moment you’re settled in.  

Homeowners Insurance Is Non-Transferrable

One of the most common questions homeowners have when moving is whether their current insurance policy will cover their new property. Here’s the short answer – your old policy won’t protect your new home from life’s unexpected situations.  

Homeowners insurance can’t transfer to another property, which means you’ll need to connect with your insurance provider, like Boyd Insurance & Investments, to invest in new coverage with accurate coverage limits and premium rates based on risk factors associated with your new location.

Homeowners Insurance Doesn’t Cover the Movers

According to the Insurance Information Institute, homeowners and renters insurance policies protect your personal property while at your residence, in transit or at a storage facility. For example, if your belongings are stolen during the move, you’re probably covered under your homeowners policy. However, regardless of how comprehensive your homeowners coverage may be, your belongings aren’t safeguarded from damage that may occur when professional movers pack and physically move items.

There are a number of policies you can purchase to protect yourself and your assets when it’s time to relocate your life. This includes released-value and full-value liability coverage, which federal law mandates moving companies offer to their customers. 

You’ve Moved – And It’s Time To Pick a New Policy 

When you and your family are moving to a new home, it’s the perfect opportunity to reassess your needs and explore your coverage options. At Boyd Insurance & Investments, our family’s experienced personal insurance agents, including Bixby Hartley and Deb Merrick, can help you not only safeguard your new investment but help you understand the complexities of these policies.

While our homeowners insurance policies are tailored specifically for your property, plans typically include dwelling coverage, personal property coverage, a personal articles floater policy, designed to safeguard high-value items like art, jewelry and collectibles from risks and perils, liability protection, in case someone is injured on your property or you cause damage to someone else’s property, additional living expenses, and medical payments. And while Florida law may not require homeowners to invest in flood insurance, it’s highly recommended – especially with hurricane season starting soon. Read our November blog post to explore how we can assist you with purchasing flood insurance that provides you peace of mind.

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