Among the many things you’ll need to check off on your list of moving home ‘things to do’ is whether you need to do anything about your car and home insurance policies.
It’s of course almost certain that you’ll need to at least amend your home insurance to reflect cover on your new property – whether that be buildings insurance, contents insurance (regardless of whether you’re a homeowner or a tenant) or a combined policy covering both. But what affects these changes – as well as those to your car insurance – if you move to a different area of the country? Read on to find out more and ensure your cover’s maintained.
You’ll need to inform your car insurer as soon as possible, along with the DVLA, to ensure your details are up-to-date with your new address. If you don’t do this your car insurance may be invalidated.
It’s unlikely it’ll be necessary to change your insurer, but they won’t guarantee the same price because of where you’ve moved to.
Examples of this include if you can no longer park your car in a garage or driveway and are moving to off street parking, or if your new local area has a higher level of recorded crime (or vice versa). In some cases, of course, this may mean your policy ends up cheaper.
If you feel you want to cancel your policy to get a new one, be aware you may not get money back (if you’ve paid annually) if you have less than two months left on your policy.
Home insurance – buildings
Of course, when you’re moving home then your buildings insurance on your current property is redundant. So if you’re looking to change your provider you’ll need to cancel your policy and get a refund on what’s left (minus a cost).
If your insurance has less than a couple of months to run then, unfortunately, it’s unlikely you’ll receive any money back as the insurer will be taking their profit out of the monies you’ve already paid. The main problem you may come across is that certain insurers may not cover certain types of properties so, for example, if you’re moving from a house to a block of flats you may be forced to cancel your insurance and take out a new policy.
However, if you want to (and can) stay with your current insurer you can pay any difference in the cost of cover (usually plus a small admin fee) if you’re moving to a property that costs more to insure. If you’re moving to one that’s cheaper to insure you may be due a rebate – though you’ll still have to pay the admin fee in all likelihood.
Home insurance – contents
Your contents insurance is usually linked to your building insurance, although this isn’t always the case. If not, then it may be worth combining the two at your new property and you should carefully consider your best option. If you decide it’s better to cancel your current cover then a similar situation regarding refunds to buildings cover comes into question.
Unlike buildings cover it’s very unlikely that your insurer for contents won’t cover you at any other address although your cover costs may change depending on the risk in the area you’re moving to (and you might need to pay a supplement or get a rebate as a result).
Check your policy to see if you are covered for actually moving your possessions to your new home in the first place.
As with your buildings insurance you’ll be in a similar situation with regard to refunds, rebates or extra charges depending on the premium costs at your new location.
Above all, make sure you contact your insurers regardless of what you plan to do – and as soon as you know your moving day – so you can ensure you’re in the know of all the questions you may have to answer and the procedures you’ll have to put in place at the appropriate times.
Having problems with moving your policies as you are moving home? Trouble getting fair and adequate cover? Resolver can help you put this right if it’s going wrong. Raise your complaint for free.