Transferring Insurance When You Buy/Sell Your Home

Moving homes can be a long process. Packing and unpacking. Cleaning and painting. Furniture purchasing and furniture downsizing. There are many important decisions to make. Luckily there is relatively little you must do with your existing home insurance policy.

While you are preparing for your move, it is important to discuss the change with your Rizk Insurance Broker. Your insurance broker will be able to discuss how your move will affect your insurance and how to transition into a new insurance policy for your new home. Cancelling your existing home insurance policy may result in a refund depending on how far in advance you have made your insurance payments. If you are able to transfer your home insurance policy to your new home any refund may be credited to your new policy. It is important to ensure there are no gaps in your home insurance coverage. Purchasing a new home can result in a change to your home insurance premiums, factors such as size of home and neighborhood can affect your policy premium. If you are moving into your new home before you have given up possession of your old home, your Rizk Insurance Broker will ensure you have the appropriate coverage in place on both homes while assuming both mortgages. Alternatively, if you intend to use one property as a rental, discussing this with your Insurance Broker will ensure you have the appropriate insurance coverage in place and enforced.

If there is a gap in home ownership, discuss this with your Insurance Broker. At Rizk Insurance we can provide you with options to ensure your belongings have insurance coverage while they are in transit to your new home or in storage until you take possession.

Home buying can be an exciting and nerve-wracking process. Whether it is your first home, dream home, recreational property or income property, before you sign on the dotted line and finalize your home purchase, take the time to consider all the aspects of the transaction. Read more about buying a new home in our blog.
If you ever have questions regarding your home insurance policy or coverage in general, contact Rizk Insurance today and we’ll help answer any inquiries you may have.

Request A Quote