So let’s take a look at some of the things that need to be tended to, such as canceling prior insurance policies, updating auto insurance, and getting set up with the best options for your new home.

Security Insurance for the New Home
In most cases, you will be required to secure insurance for your new residence before moving in. This may be by way of homeowners insurance for a new house, renters insurance for a new apartment, or a variety of other options. Finding the correct option for your new home insurance can be both confusing and time-consuming if you do not know where to look. Here are a few things to keep in mind as you obtain a new policy:

  1. Understand what kind of policy you need for your new home. Three common policy types are:
    • Homeowners Insurance: This is what you will need if you are purchasing a single-family home. This will provide coverage for the house, your personal belongings, liability exposure, and more.
    • Renters Insurance: This is what you will need if you are renting a house, apartment, or condo. This will give you coverage for your belongings and liability exposure.
    • Condo Insurance: This is what you will need if you are purchasing a condo or townhome that does not require full homeowners insurance, meaning that the HOA has a policy that covers the exterior of the property. So this policy will provide coverage for your personal belongings, and liability along with some building materials for the inside of the condo.
  2. Do not expect coverage or price to be consistent with what you have for your current home. Prices for home insurance can vary wildly due to factors such as location, size, age, and condition of the home.
  3. Check with your current insurance agent to see if they can find a favorable option for your new home insurance.
  4. Get quotes from an independent agent. An independent agent will be able to shop with multiple companies on your behalf so you don’t have to. This is typically the best way to find the most favorable option when it comes to price and coverage.
  5. Don’t wait until the last minute! Most times, you will get better rates if you purchase insurance over a week before you need it. If you wait until the day before you move in/close on your home, you are likely to pay more for the same coverage.
Updating Your Auto Insurance
Most times when we move, we keep the same vehicles and household members but this does mean that we do not need to update anything. Just like with home insurance, location is a huge rating factor when it comes to auto insurance. At the very least, you will need to call your current insurance company and have them update your address to your new home. This becomes a little more complicated if you happen to be moving to a different state. With differences in laws and regulations in a new state, you will be required to get a new policy as opposed to simply updating the one your currently have.

After changing the address on the policy, you may notice a change in your premium even if you are moving within the state. This can be by way of increase or decrease depending on where you are moving to and where you are moving from. That being said, the most fitting insurance carrier for your auto insurance at your prior residence may not be the best fit for where you are moving to. Anytime you move, it is a good idea to shop the market and get a feel for what price range is favorable. The best thing to do is to check with your current agent to see what options they have for auto insurance at your new home.

Canceling Current Insurance
There are a ton of things that have to get done when moving, and one of the most commonly forgotten checklist items is canceling current insurance policies promptly. It is important to note that your mortgage company, apartment complex, condo association, or HOA cannot cancel your insurance on your behalf. It is up to you to contact your insurance company promptly to let them know that you moved and no longer need the policy. This is something you want to do after securing insurance for your new home to ensure that you are not being double insured and you are not double paying for your insurance. You’ll want to ask them to cancel your policies effective on the same day that your new policies are set to begin. This will ensure that you do not have a lapse in coverage and you will not be paying for coverage from both policies at once.

After canceling your insurance policies, you should expect to receive a pro-rated refund for any unused premium that you have already paid. This means that if you have a 12-month homeowners policy with a $2,000 premium, and you have only had the policy for 6 months, you will receive a refund of around $1,000 after your cancellation. This refund can be used to cover the new policy premium you now have or can help fund some of the expenses of moving!

Overall, moving into a new place usually entails a lot of moving parts, but getting insurance squared away does not have to be one of the complicated pieces. To put it simply, you just need to be sure you have insurance on the new home, be sure your auto insurance is updated, and be sure any policies that are no longer in use are canceled.

The contents of this article are for informational purposes only. You should not act or refrain from acting based on this information without first consulting a Goosehead licensed agent at We disclaim all liability for actions taken or not taken by you based on the contents of this article which is provided "as is." Goosehead makes no representation that this content is error-free.