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Moving to New City - What should I do about my home insurance policy?

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Published on June 15, 2021. EST READ TIME: 4 minutes

There’s a lot of planning and consideration involved in the decision to relocate to a new city. While migrating to a new city offers new avenues, fresh options and the path towards a more exciting and vibrant life, there's also the nostalgia of the old and the hope that all goes well. The planning that people do before moving to a new city is meticulous, so that they do not miss out on anything essential or reel under last minute pressure. Even after proper planning and taking stock of everything, at times certain things get overlooked. One of the questions that crosses the minds of everyone who’s planning to relocate to a new city is what to do with the home insurance. Here are a few points to keep in mind regarding home insurance while shifting to another city:-

Update Home Insurance

Home insurance is for the residential property that you currently live in, and the insurance amount is calculated after factoring in home location, exterior etc. So, there’s no way to continue that same policy. Homes are immovable and their price is contingent on the area. Before you move out of the city, get in touch with your insurance provider and inform him that you are relocating. The insurance update would depend on what you plan to do with the house: rent it, sell it, or leave it in the supervision of a custodian.

Inform Insurance Provider

Buying a second-home is a costly expense, and more so if you are moving to a big city with exorbitant property rates. That’s why most people who relocate for work or family-related reasons prefer to sell the existing home and then buy a new one in the city they are heading to, in order to not get financially over-burdened. There are certain movable amenities in your home that may be insured, so to be on the safer side, inform the insurance provider about the new home and ask for an insurance cover during transit of items.

Go Through the Insurance Terms

If you have sold or rented your house, you may want to downgrade your home insurance policy. While doing so, carefully look at the terms & conditions. If you cancel the policy mid-term, there may be a certain cancellation amount that you may be required to pay. It's also good to discuss any additional benefits if you will buy the policy for your new home.

Explore New Home Insurance Policies

If you have made up your mind about cancelling the existing home insurance policy and buying a new one, you should start exploring new policies from different insurance providers and make a list of who’s offering what. Go for the policy that provides you with maximum benefits.

Transit Home Insurance:

There are some insurance policies that cover moving property as well. Contact your insurance provider to figure out if this is applicable to your policy. If not, you can ask him what it would take for the extension. In case you are moving your house goods through a logistics company, ascertain that they have insured the goods. Do not go for an uninsured moving company.

Consider the Apt Policy Type

Based on your requirements, choose the home insurance policy that would be most suitable for you. These are some of the most popular Anhome insurance policies in India:

· Comprehensive Home Insurance: It provides cover against all types of natural calamities, accidents or cases of riots, arson, house-break etc.

· Property Insurance: It insures the building of your house along with kitchen and bathroom fittings

· Home Content Insurance: It safeguards all the valuable commodities inside your house ranging from personal documents, computer, TV etc.

· Building Insurance: It provides protection to the house structure against natural calamities like floods or earthquakes.

Conclusion

Moving to a new city involves a lot of back & forth about various issues. It’s important to timely review the status of your insurance policy and get in touch with the insurance provider if you need any clarifications. Also, check if the goods and the transit are covered under the insurance or not. While making any decision, factor your house ownership status in the new city.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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