Home insurance for moving house
Moving home can be stressful. From buying and selling to packing up and transporting your belongings to an unfamiliar property, there is plenty that can go wrong – which is why it’s a good idea to have the right home insurance in place and have peace of mind
Key takeaways
Home insurance coverage should start from the moment you take ownership to protect your possessions and property during the transition
Inform your insurer if the property will be unoccupied to avoid increased risks, but be aware that additional cover may be needed for unoccupied properties
Be sure to inform your insurer about the move and any new purchases as premiums may change based on the new property and location
Cancel your old policy when you’re no longer legally responsible, usually at contract exchange
Moving to a new home is an exciting journey, but amidst the hustle and bustle, it's crucial to ensure your possessions and property are protected. Home insurance is a key consideration during this transition, and it's important to have the right coverage in place from the moment you take ownership—not just from when you physically move in.
Understanding home insurance types
When it comes to safeguarding your new abode, there are two primary types of home insurance to consider: Buildings insurance that financially protects the structure of your home and contents insurance that covers your possessions. If you're renting, buildings insurance typically isn't necessary, but you might want to look into a contents, accidental damage, or renters insurance policy to keep your belongings safe.
Timing your coverage
It's not just about having insurance, but also about when it kicks in. Most home insurance policies specify you need to tell your insurer if the property will be unoccupied because it increases the risk of issues like burst pipes or break-ins. Your insurer will advise whether you'll need additional cover for these circumstances.
Transitioning your home insurance
If you're wondering about your existing policy and whether it will cover your move, it's likely that contents cover includes removals if handled by a professional company. However, this is often contingent on the packing and transport being carried out by professionals, so self-packing or transport might leave you without coverage, particularly for valuable items or important documents.
When it comes to transferring your existing home insurance policy to your new property, it's essential to inform your insurer before the exchange date. Keep in mind that premiums may change based on the new property and its location. Also, any new purchases for your new home should be reported to your insurer as they could affect your contents coverage.
Cancelling your old policy
If you’re buying a fresh home insurance policy for your new home, the best time to cancel your old home insurance policy is when you’re no longer legally responsible for it, which is usually when you exchange contracts with the buyer of your old property. It's wise to have overlapping coverage to account for any delays or complications that may arise during the property transaction.
Determining the right level of cover
When deciding on the level of cover you need, it's important to differentiate between buildings and contents insurance. For buildings insurance, the amount should be based on your new property's rebuild cost—the amount it would cost to rebuild your home if it were destroyed. This figure is often lower than the market value and can usually be found in your survey or mortgage valuation.
Additional insurance considerations
When moving to a new home, you might also want to consider other types of insurance. Income protection insurance can help cover mortgage repayments if you're unable to work due to injury or illness. Life insurance provides financial protection for your loved ones in case of your death or critical illness.
There are also optional extras that can be added to your policy for additional peace of mind, such as accidental damage cover, legal protection cover, and home emergency cover. These can be particularly useful during the moving process and beyond.
Insuring goods in transit and storage
When it comes to moving day, goods-in-transit insurance is crucial. This covers your belongings during the move and may be included in your contents insurance or available as an add-on. Remember, your belongings must be moved by a professional company to be eligible for this coverage.
If you need to store items during the move, you may be able to add storage insurance as an extra, though it will likely cost more. It's important to confirm beforehand if your contents insurance covers storage and for how long. You can learn more about insuring belongings in storage with our comprehensive guide.
Final preparations and comparing quotes
As you prepare for your move, remember that insurance is just one part of the process. Start planning at least three months in advance and make use of resources like our Moving House Checklist here to ensure nothing is overlooked.
When you're ready to secure insurance for your new home, finding affordable cover is straightforward when you compare home insurance quotes with MoneySuperMarket. Compare deals by cost, coverage, and the excess required for claims, and strike the right balance to avoid being over-insured or under-insured.
Moving to a new home is a significant milestone, and with the right insurance in place, you can make the transition with confidence, knowing that your property and possessions are protected every step of the way.
Who is responsible for insuring the new property between exchange and completion?
The person who is responsible for insuring the property is usually outlined in your contract with the seller (or with the buyer, if you are the one selling the property).
Usually it's the buyer who is responsible for keeping the property insured after the exchange, even if you haven't moved in yet, but there are some exceptions to this. For example, the seller may have a separate contract or a leasehold agreement that requires insurance.
Can I get temporary home insurance while I move in?
For standard home insurance cover, the minimum length of a policy is 12 months. If you only want temporary home insurance, this is still a good length of time to keep you and your home protected while you move in and get settled.
However, if you're looking for a policy that has an even shorter term, the only available type of short-term policy is for unoccupied properties. Unoccupied home insurance will provide you with short-term buildings insurance while the property is empty, lasting a maximum of 60 days. This type of cover does not come with a standard home insurance policy, so you will need to purchase a separate policy for it. Some providers, however, may offer it as an add-on that can be added to your home insurance policy at a cost.
Can I transfer an existing home insurance policy to a new home?
Whether you can transfer your policy will depend on your provider. Some will allow you to transfer your policy to your new home but that doesn't mean that your insurance price will be the same. Your insurer will likely recalculate the cost of your insurance to factor in the value and risks of your new home.
So, before you commit to transferring your old policy, it may be worthwhile to check the market and see if you can get a better deal for a new home insurance policy elsewhere.
Can I keep insuring my old property if I'm renting it out?
If you are moving out of a property with the intention of renting it to someone else, you will need to take out a new insurance policy. Standard home insurance won't cover you in situations like this. Instead, what you will need is landlord insurance. Landlord insurance will still insure the building and contents that belong to you, but it can also cover lost rent, liability claims, and emergency call-outs.
