Can you transfer home insurance when moving house?
Published 20 April 2016
You might be able to move your existing policy to a new property.
There’s a lot to think about when you’re moving house. Your to-do list is likely to include packing, re-directing your mail, telling your bank you’ve moved and making sure your new home is insured.
But if you’ve still got an active home insurance policy on your current home, will you be able to transfer this when moving house? Or will you have to cancel it and take out another policy?
If you have buildings and contents insurance at your current address you might be able to transfer the cover to your new home. But you’ll need to check with your insurer first and you may face a charge for amending your policy.
As premiums are based on the postcode and type of property that you live in, inform your insurer of your new address and details of your home as soon as possible. They will be able to use this information to recalculate your new premiums. Buying new furniture or electrical goods for your new home? Take a look at the sum you’re insured for under your home contents as this could push the value up.
Once you exchange contracts for a property you take legal responsibility for it. You might not move in straight away, so you’ll need to make sure your old and new property are both insured for this time. A lot of policies will cover your old property until you move into a new one, but again you’ll need to check this with your insurer.
If the sale of your new home falls through, you can cancel the transfer of cover.
Cancel your policy
Alternatively, moving house could be a good time to check that you’re getting the best deal possible on your home insurance. Your insurer might have given you a good deal on your previous property but this may not be as competitive for your new home, so it’s worth shopping around.
If you find a more competitive deal, you could cancel your current home insurance and apply for a new one. Bear in mind though that if you still have time left on your old policy, you could face a cancellation fee for switching mid-way through. You should factor in the cost of this when looking at deals, as it may not be worth your while if you’re going to cut potential savings.
‘Goods in transit’ cover
You probably haven’t thought about insurance for your possessions during a move. But it could be worth checking your contents policy, as you may be covered for your belongings against damage or loss while they’re in transit.
For most, this will only apply if you use a professional removing service to transport your belongings. If you’re only going to receive help from a few friends on moving day, then you probably won’t be covered. Putting some possessions into storage? You could be covered for this as well but just for a few days.