One of the most important things to consider if you are moving from a rented home is what to do with your renters insurance. This article will cover everything you need to know about renters insurance, including what it covers, whether it will cover your assets when you move, how to cancel your policy, and more.
Your Options with Renters Insurance When You Move
Consider getting renters insurance if you’re renting an apartment, condo, or house. Renters insurance is a form of insurance that covers the tenant’s personal belonging in the event of theft, damage, or other losses. It’s important to note that renters insurance does not cover damage to the structure itself, as the landlord typically covers that.
If you move to another rented home, you can continue with the same policy if your insurance provider offers services in your new neighborhood. You must update your renters insurance policy to reflect your new address. However, if you move to your own home, your renters insurance will not cover the property. You need to cancel your policy and buy homeowners insurance instead.
Does Insurance Cover Your Belongings When You Move?
Another important thing to consider when you move is whether or not your belongings will be covered by renters insurance during the process when they are being moved. Generally, your belongings are covered if they are damaged or stolen within the rented property but you may read the details of your insurance to see whether it offers protection during the move. It’s important to read the policy’s fine print to ensure you know exactly what’s covered and what isn’t.
For coverage for your belongings during the move, you may also ask your moving company for protection against damage or loss to your belongings or your rental truck company, to make sure your belongings are covered.
How to Cancel Your Policy?
If you decide to cancel your renters insurance policy when you move, there are a few things you should keep in mind.
- Contact your insurance provider and let them know you’d like to cancel your policy. Most providers require at least 30 days’ notice, so ensure to give them plenty of time to process your request
- Provide your insurer with the cancellation date. You must remember that canceling your policy much before you move may be risky.
- Cancel any automatic payments or deductions associated with your policy
- Ask for a refund for any unused premiums or pay the due amount
- Keep a copy of your canceled policy for your records
Moving can be stressful but it’s important to make sure you take the time to consider what to do with your renters insurance when you move. Either update your policy to reflect your new address or cancel your policy if necessary. By understanding renters insurance coverages and exclusions, you can make sure your belongings are properly protected when you move.
Cover Your Personal Belongings with Weaver Insurance!
If you’re looking for more information about renters insurance or want to explore options, contact us at Weaver & Associates Insurance Agents and Brokers today. Our team of experienced agents will help you find the best policy for your needs and make sure you’re properly protected.