Make Sure You’re Properly Insured When You Move Into a New Home
You did it! You closed on your new home. The keys are in your hands, and the movers are scheduled. Your checklist is a mile long, so where do you start?
Your top priority should be making sure your new home is properly insured.
Your mortgage lender will require homeowner’s insurance and that payment will be built into your monthly mortgage. This insurance coverage takes effect at closing, so you’ll be covered on moving day. Make sure you understand what’s covered under that policy, and more importantly, what’s not.
Your homeowner’s insurance policy will likely include:
- Dwelling coverage: covers the physical structure of your home.
- Other property coverage: covers other structures on your property.
- Liability coverage: covers you in case a visitor is injured on your property.
- Personal property coverage: covers the contents in your home.
- Additional living expenses: covers you in case your home becomes uninhabitable and you need to live elsewhere temporarily.
Other insurance considerations when you’re moving into a new home:
- Endorsements for your valuables: Things like jewelry, fine art, musical instruments and antiques should be listed on a personal property schedule to ensure they’re properly covered.
- Replacement value vs. actual cash value: Make sure you understand whether you have replacement value or actual cash value. Under-insuring your home can have devastating consequences.
- Home insurance discounts: Many insurance companies will offer discounts if you bundle your home, auto, car and life insurance.
- Flood insurance? If your home is in a flood plain, flood insurance will be required by your mortgage lender. If it’s not, be aware that flooding in your area will not be covered under a standard homeowner’s policy.
Moving into a new home is exciting, but it can also be overwhelming. Don’t let insurance considerations slip through the cracks when you’re making your moving to-do list. Taking a few minutes to sit down with your insurance provider prior to your move will add greatly to your peace of mind on moving day and beyond.
About Jay’s Moving Company
There are plenty of moving companies in Indiana. Choosing experienced, compassionate and professional movers can make all the difference when the big day comes around. Jay’s Moving Company takes pride in making your move with them “The Best Move You’ll Ever Make.” Jay’s is a Hoosier-owned company that’s been proudly serving Indiana since 1951. For more information about Jay’s services and pricing, visit our website.
Conner Insurance is a trusted partner of Jay’s.
Should you need assistance with your insurance needs, give them a call today.
And tell them Jay’s sent you!