Are You Updating Insurance Policies When You Move?

Moving to a new home is an exciting milestone, filled with the promise of new beginnings and fresh opportunities. 

However, amid the flurry of packing, unpacking, and settling in, it’s easy to overlook important details that can have significant implications down the road. 

One crucial aspect that often gets sidelined is updating insurance policies, helping reduce your exposure to risk. This article explores the key themes around insurance considerations following a move.

The Importance of Insurance in a New Location

When you relocate, whether to a rental or a newly purchased home, the need for adequate insurance coverage — such as home and auto — becomes paramount. 

This is especially true if you’re moving to a different state or region, as local laws and insurance requirements can vary significantly. 

Many people underestimate the value of their belongings, from electronics to furniture, and fail to recognize the potential financial repercussions of not having sufficient coverage.

Renters Insurance: A Smart Move for Renters

For those who have opted for a rental, obtaining renters insurance is a wise decision. It provides a safety net for your belongings against theft, fire, or other damages. 

Even if you plan to stay in your rental for a short period, the investment in renters insurance coverage can save you from significant out-of-pocket expenses. The cost of replacing essential items like laptops, furniture, and clothing can quickly add up, making renters insurance an affordable and practical solution.

Homeowners Insurance: A Time for Review

For new homeowners, the transition to ownership is an exciting period with a long to-do list. Mortgage lenders will require you to obtain homeowners insurance (HOI), and people often buy HOI in a hurry to satisfy those requirements. 

Unfortunately, the policy selected in the rush of closing may not be the best for your needs. Once you are settled in your home, you should review your homeowners policy, reassess your coverage, and potentially update it. 

While re-evaluating your HOI, it’s also a perfect time to evaluate auto and umbrella policies and make any insurance updates necessary to ensure they adequately reflect your current situation. Since many insurers offer multi-line discounts, you may want to consider moving all of your policies under one insurer to take advantage of the savings.

Finally, homeowners should review homeowners insurance policy periodically taking into account the value of any renovations and or improvements. This proactive approach not only secures your investment but also provides peace of mind as you adjust to your new space.

Moving Long Distance?

Long-distance moves introduce unique challenges, particularly regarding auto insurance. If you’ve relocated from one state to another, you may need to update your coverage or secure a new auto policy. 

Different states have varying requirements for minimum coverage, which can impact both your legal standing and financial security. Furthermore, if you’ve acquired a new vehicle during the move, it’s crucial to ensure it is properly insured.

Seeking assistance from experienced insurance professionals can simplify the process before the move. They can provide insights into the necessary coverage based on your new location and individual circumstances.

A Perfect Opportunity to Review Existing Policies

If you’ve already taken the necessary insurance policy update steps, congratulations! 

It's wise to conduct a periodic review of your existing policies — a quick annual review suffices. Insurance needs can change over time as your family situation or lifestyle changes, your assets change value, your income increases, or perhaps you are subject to more risk.

Failing to seek professional advice is a common mistake, especially when a brief consultation with your insurance advisor can help ensure you’re not underinsured or overpaying for unnecessary coverage. Insurance providers offer no-obligation consultations, making it easy to stay informed and protected without added stress.

Embracing Change and Updating Insurance

In the end, moving is not just about changing your address; it’s about embracing new possibilities while safeguarding what matters most. 

So, as you unpack boxes and make new memories, don’t forget to check off those important insurance tasks. A little foresight now can lead to significant peace of mind in the future.

To make sure you have the right insurance coverage, contact us today. Our team strives to help dental and medical professionals like you find, identify, and implement insurance and wealth management solutions that will serve you now and in the future.

About Treloar & Heisel

Treloar & Heisel, an EPIC Company, is a premier financial services provider to dental and medical professionals across the country. We assist thousands of clients from residency to practice and through retirement with a comprehensive suite of financial services, custom-tailored advice, and a strong national network focused on delivering the highest level of service.

Insurance products offered through Treloar & Heisel, LLC.