Your time is valuable, and we have new options available. Our customers can access their policies online to make self-service changes via HUB MyAccount, or contact us via alternate methods here.

Skip navigation

What happens to my home insurance if I move?

October 30th, 2017  |  Home Insurance

Buying a new home is an exciting time, you get to make new memories and turn a new house into a home. In addition to being an exciting time, buying a new home can also be a busy time, and chances are there are a lot of things on your “need-to-get-done” checklist. In the hustle and bustle of moving, one thing that may be missing on your list is making sure your home insurance is taken care of. When moving to a new home, there are a few things on the insurance side of things that need to be addressed, so here is a helpful guide to help ensure your bases are covered.

What should you do if you are moving?

Once you know you will be moving, the first step to take would be to reach out to your insurance broker. Your broker will be able to direct you how to best handle the transition of your insurance needs from one home to another, and ensure that you are properly covered during the move. It is also advised to review your policy and understand how your payment plan works. Payments can range from monthly to annually depending on your policy, and if you have paid in advance you are often eligible for a refund on the part of the policy you have already paid for in advance.

When your packing up your things, it would be a good idea to take inventory of what you have, and make a note as to which items your should add to your home insurance policy.

Moving is a great time to do some insurance shopping as it allows you to expand your horizons and see what kind of deals you may have been missing out on. So, even if you are happy with your current insurer, it is worth it shop around quickly and see what else is out there.

Do I need a new policy?

While you can stay with the same insurer, you will need to get a new policy for your new home. Policies are made specifically for certain houses, shaped by various factors and characteristics of your home. When you change homes, those factors and characteristics change as well, forcing you to cancel your old policy and get a new one.

Factors that may lead to a changes in your premium costs

As mentioned above, insurance companies look at a number of factors when determining your coverage options and the price of your premiums. Here are some of the main factors that can affect your home insurance when you move to a new home.

Location –You’ve heard it on every house hunting show out there, location location location. Where you live plays a big part in shaping your home insurance policy. For example, urban or suburb,city or countryside, these locations can come with different levels of risk, which affect your policy.

Value of home –More than the cost of your home, it’s the value of your home that affects your insurance. The value of your home is determined by a number of factors, including the location of your home, the size of your home, as well as the building materials used and age of your home. And put pretty simply, the higher the value of your home, the more expensive your home insurance is likely to be.

Extra amenities –If your new home comes with different amenities than what your old home had, you will see a significant difference in your home insurance premiums. Amenities such as an in-ground pool, games room, or home theatre can increase the value of your home and up the amount of risk that is associated with your policy. 

New to HUB Insurance Hunter?

Existing Clients Log In to