Moving to a new apartment or rental property during your policy term creates important insurance considerations that many renters overlook. At Access Legacy Insurance Group, serving Brooklyn, NY, we help tenants understand how relocating affects their renters insurance coverage and what steps they need to take to maintain proper protection.
Policy Transfer and Location Updates
Your renters insurance policy doesn’t automatically follow you to your new address. You must notify your insurance company about your move, typically within 30 days of relocating. Most insurers allow you to transfer your existing policy to your new rental property, but they’ll need to reassess your coverage based on the new location’s risk factors. Properties in different neighborhoods may have varying crime rates, fire protection services, or natural disaster exposures that could affect your premium. Some moves might even result in lower rates if you’re relocating to a safer area.
Coverage Gaps and Temporary Protection
Many policies provide limited coverage for your belongings while they’re in transit between properties. This temporary coverage usually lasts 30 days and protects your possessions during the moving process. However, your personal liability coverage typically ends immediately when you vacate your previous rental. If there’s a gap between your move-out and move-in dates, discuss temporary coverage options with your insurer to avoid being unprotected.
Premium Adjustments and Policy Changes
Your new rental may require different coverage limits based on its size, value, and location. Review your policy limits to ensure they still meet your needs after relocating.
Planning your insurance coverage around your move prevents costly gaps in protection. Contact Access Legacy Insurance Group, serving the Brooklyn, NY area, to ensure your renters policy properly transfers to your new home.
