Can I Move My Existing Homeowners Policy to My New House?

Moving is stressful. You have to pack up your entire life, say goodbye to your old neighborhood, and adjust to a new one. And on top of all that, you have to make sure your belongings are protected.

One of the most important things you can do when you move is to get homeowners insurance for your new home. But what if you already have homeowners insurance? Can you just transfer your existing policy to your new home?

Answer: Unfortunately, no.

Every home is different, and so are the risks associated with it. That’s why you need a new homeowners insurance policy for your new home.

But don’t worry! At the Horan agency, we’re experts in helping people establish new homeowners insurance policies for their new homes. We’ll make sure you have the right coverage at the best possible price.

In this article, we’ll cover everything you need to know about moving your homeowners insurance policy to your new home in Central New York. We’ll discuss the different types of homeowners insurance and what to expect when you switch policies.

How Homeowners Insurance Policies Work

You may be familiar with how auto insurance policies work. You buy a policy that covers your vehicle and your liability, and you can change or update your policy as needed. For example, if you buy a new car, you can simply swap out the old one and keep the same policy number and terms.

Or if you move to a different address, you can just notify your insurance company, and they will adjust your policy accordingly.

But homeowners insurance policies are different.

They’re not based on your personal information alone, but also on the specific characteristics of the house you are insuring. That means that every time you buy a new house, you need to get a new policy that reflects the new property.

So, say you sold your house in Corona, Queens, and hired world-class professionals like Oz Moving and Storage to relocate you to your upstate colonial revival in Homer, New York. You can’t just take your existing policy, change the address, and expect it to cover your new home.

Why Your Homeowners Policy May Change When You Move

There are many factors that affect your homeowners policy when you move to a new house. Some of them are:

• The location of the house. Different areas have different risks and rates for homeowners insurance. For example, if you move from the suburbs to the city, you may face higher premiums due to higher crime rates, traffic, and population density. Or if you move from the city to the suburbs, you may face lower premiums due to lower exposure to these factors. The location also affects the availability and cost of emergency services, such as fire and police departments, which can influence your policy.
• The size and features of the house. The bigger and more expensive your house is, the more coverage you will need to protect it. For example, if you move from a small ranch to a large colonial, you may need to increase your dwelling coverage to cover the replacement cost of your new home. Or if you move from a large colonial to a small ranch, you may be able to lower your dwelling coverage and save some money. The features of your house also matter, such as the type and age of the roof, the heating and cooling systems, the plumbing and electrical wiring, and the security and safety devices. These can affect the likelihood and severity of claims, and, therefore, your policy.
• The hazards and liabilities on the property. The more hazards and liabilities you have on your property, the more coverage you will need to protect yourself and others. For example, if you move from a house without a pool to a house with a pool, you may need to increase your liability coverage to cover the potential injuries or damages caused by the pool. Or if you move from a house with a pool to a house without a pool, you may be able to lower your liability coverage and save some money. The same applies to other hazards and liabilities, such as a large pond, a trampoline, a dog, a fireplace, or a home office.

How to Get a New Homeowners Policy When You Move

When you move to a new house, you need to get a new homeowners policy that covers your new property. You can’t just transfer your existing policy to your new address, because your policy is based on the specific characteristics of your house. Here’s how to get a new policy when you move:

• First, you need to contact an independent insurance agency, like Horan, and let them know you’re moving and that you need a new policy for your new house. They’ll ask you for the details of your new house and give you a quote for the new policy. If you agree with the quote, they’ll issue you a new policy number and terms, and start your coverage. You will need to pay any fees or charges associated with the new policy, such as policy changes, down payments, or escrow adjustments.
• Second, you need to contact your current insurance company and let them know you’re moving and that you want to cancel your existing policy. Just don’t cancel the policy on your existing home until the buyers have closed and ownership has transferred. If you’re holding onto the home and will be renting it out, then be sure to obtain a landlord policy. Why? Because the existing homeowners policy won’t cover you. Read more about landlord insurance in our related article.

You may be wondering if you need to contact both the insurer and the agent to cancel your existing policy and get a new one. The answer depends on whether your current insurance company is the same as the one your agent works with.

If they’re different, you need to contact the insurer and the agent to cancel your existing policy and get a new one.

If they’re the same, you may be able to let the agent handle the cancellation for you, as they can communicate with the insurer on your behalf. But you should always confirm with your insurer that your policy has been canceled and that you have no outstanding payments or obligations.

Why You Should Work with an Independent Insurance Agency When Switching Home Policies

When you need to cancel your policy and get a new one during your move, you’ll need to find a new homeowners policy that suits your needs and budget. This can be daunting and time-consuming. And if you’re unfamiliar with the different options and requirements for homeowners insurance, it gets more complicated.

That’s why you should work with an independent insurance agency.

At Horan, we’ve been providing customized solutions for our clients in Central New York since 2009. We work with several insurance companies and can compare and contrast their policies and prices for you. We can help you find the best policy for your new home, based on your

• Location
• Size
• Features
• Hazards
• Liabilities, and
• Preferences

We can also help you with the cancellation process and answer any questions or concerns you may have along the way.

We’re not just an insurance agency, we are your trusted partner. We care about your satisfaction and peace of mind. We will go the extra mile to ensure you’re happy with your homeowners policy.

Click the Get a Quote button below and let us help you with your homeowners insurance needs.

If this is your first home purchase, read our overview article about buying homeowners insurance for the first time.