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How Does Moving Apartments Affect My Insurance?

Understanding how renters insurance works and how it is affected by changing apartments


How Does Moving Apartments Affect My Insurance?


You’ve been apartment hunting for weeks on end. Finally, you’ve found the perfect place to call home. You’re ready to pack your bags and set up in your new home. But depending on where you move, your insurancatce might become more or less expensive.

Don’t pay more for your insurance than you need to. When you move, take a closer look at your insurance policy—you could end up saving money! Here’s what you need to know about your insurance adjusts when you change your address:


Factors that Affect Your Renter’s Insurance

Why might a new location change your insurance rates? To unpack that question, it helps to know what factors into the cost of your insurance:

  • Location. What are the crime rates in your area? If you’re moving to a neighborhood with lower rates of theft, vandalism, and break-ins, you may be eligible for a lower insurance rate.
  • Risk level. If you move to an area that’s prone to extreme weather events, you may need to pay more for your renter’s insurance policy.
  • Insurance history. Now that your lease is up, you’re eyeing a new apartment. If you’ve been at your apartment for a year or more, that means you’ve had insurance for the same duration. You may be eligible for a discount if you haven’t made any claims during that time.

Your tenant insurance policy covers the contents of your apartment. It includes everything from your kitchen utensils to your jewelry. Without insurance, you’ll be responsible for replacing those items out of pocket if they’re damaged in a fire, burglary, or water leak.

If you’re moving into a bigger space, you might want to buy a few new pieces of furniture. A new couch would look great in your living room. Or what about a new mattress to fit the master bedroom? Keep the receipts for any big-ticket items you buy.

High-value items may be worth more than the coverage your policy offers. Consider extending your policy limits for expensive items or furnishings, like exotic wood furniture, gaming computers, or other high-end assets.


Transferring Your Renter’s Insurance

Contrary to popular belief, you don’t necessarily need a new tenant insurance policy once you move. There’s no penalty for moving apartments, either.

Call your provider to find out if they offer coverage in your area. If you’re moving to a different state, you may need to search for a new insurance provider.

It’s best to call your provider sooner than later. If you wait too long, you might be without coverage at your new apartment. Don’t leave your new residence unprotected; plan ahead to guarantee you’re insured.


Updating Your Auto Insurance

Many people drive to work every day. When you move, you might significantly shorten or lengthen the time it takes you to drive to work. Have you considered updating your car insurance to reflect that?

The owner of Westland Insurance writes, “Remember to update your auto insurance with your new address; a new route may affect the cost of your policy.”

If your new apartment is closer to your place of work, you may be eligible for lower car insurance rates. Be sure to report your new address to your auto insurance provider.

Your new apartment might change your driving habits in other ways. Perhaps you live just a block away from the grocery store, the office, or the gym. Now, you only drive your car once or twice a week.

You can change your auto policy from “commuting” insurance to “pleasure”. Given that you’re driving less often, you’re at lower risk of being in a car accident, and your rates will change accordingly.


When you’re moving apartments, you have a lot on your mind. You need to pack your belongings, update your address for mailing purposes, and arrange your furniture in your new place.

In all that commotion, it’s easy to overlook something like insurance. But before you settle in, be sure to call your insurance provider to find out how your move will affect your rates.


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