Now that you have sold your home and have 30, 60, or even 90 days to move to your new location, what are your responsibilities as far as the type of insurance that is needed? If you have purchased a new home, the policy for that new property will provide 10% of the total amount of personal property you have insured while off premises. (For example, if you have $100,000.00 in personal property coverage, your policy will provide you with $10,000.00 while your property is away from the "new" premises). Is that enough protection? The answer to that quesiton is no. Here is what we recommend for this transition.
Even though you no longer own the home that your residing in, you are still responsible for any damages that arise out of your occupancy there. We suggest taking out a tennant policy to cover you until you have completely vacated the premises. Tennant policies are relativley inexpensive, and provide you with the coverage you will need during this time. You can select the amount of coverage you need for the property inside the home and any outbuildings, and can adjust this amount as you begin to move items. Please don't forget to ask that replacement cost be included when obtaining a quote.
Liability is included with a tennant policy, and our recommendation is to purchase at least enough to cover the cost of the home. If you are responsible for a total loss, the home owner's carrier may come back on you to provide coverage for the loss. You will also be protected if someone would be injured while visiting you prior to your move.
We understand that there are a lot of expenses when it comes to moving to a new location, but peace of mind is definitely worth the few dollars it would take to make sure you are covered properly during this transition. An indepedent agent can obtain quotes from multiple carriers, to find you an affordable option.