Moving home: when should I buy home insurance?

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Moving house? Don’t forget to arrange your house insurance as soon as possible

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If you’re moving home, you could be in for a whole lot of stress. Some studies suggest it can be one of the most challenging life events – more stressful than getting divorced or starting a new job.

Hopefully this won't be the case for you but, considering it’s the biggest purchase most people will ever make, when things go wrong they can go very, very wrong.

Amidst all the trouble and strife, it’s easy to forget about your home insurance and that could be a big problem. If your new policy doesn’t provide enough cover, you could be in for a nasty surprise. To avoid that, here are some common home insurance questions answered.

When should I buy home insurance?

Start looking as early as possible. Get quotes, find out what you can cover and make sure it’s in place when you make the move so the house is never left uncovered. Look to do this around a month before the move as noted in our ultimate checklist for moving home. Make sure it covers both buildings and contents.

The mortgage company offers home insurance – can I take this?

Many mortgage providers will offer their own insurance deal. This seems like a quick and easy fix but be careful. There’s no guarantee the policy will fit your needs or that it’s the best deal. Remember – you’re not obliged to take their deal, so take time to shop around. Some providers may ask to see your insurance policy to ensure you have enough cover in place but don’t feel like you have to take out their policy, you can still choose your own.

What if something gets damaged during the move?

You must have contents insurance sorted out before the day of the move. Accidents can happen, so make sure all your belongings are covered for damages and breakages. We can provide this as well as temporary contents cover.

Do I need to change my bank account information?

Remember to keep all bank account information up to date - make sure your bank knows if you change address and make sure your insurer knows if you want to pay from a different account.

Do I need a new home insurance policy?

Your insurer may be able to transfer your existing policy to a new home, but there may be differences depending on the situation. Much depends on the location. For example, if the area you move to has a higher crime rate, it could impact your premiums. Equally, if you’re moving to an area prone to flooding you may need to take out a special policy or confirm your policy has flood cover in place, like Admiral’s Home Insurance. Speak to your existing insurer before you move to make sure all the details are in place. If you plan to do renovation work, make sure you let your insurer know as not doing so could void your policy.

When should a policy start?

Arrange for the insurance to start on the day you exchange contracts. That way you’re fully covered from the get go.

How can I get the best deal?

There are many ways to make sure you get a good deal. Have a look at several quotes, or take on a higher excess. This could reduce your premiums, but could leave you vulnerable if you do have to make a claim. Getting a quote only takes a few minutes. Make sure you get an accurate valuation of your property. Undervaluing could leave you out of pocket when the time comes to make a claim.

Getting a good deal is obviously important, but watch out – although you may save money you might not get the best policy. There is a way to save money without sacrificing coverage – to bring several products under one roof.

Our MultiCover Insurance, for example, offers all the same features but could save you money on both your home and car insurance.

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