Can You Transfer Renters Insurance?

When you’re moving, it’s important to remember to sort out your insurance needs for both your new and old places. At times, a landlord may require renters insurance before you move in. 

If you had renters insurance at your previous place, you can likely take the renters insurance from your old place with you to your new rental. Here’s everything you need to know about transferring renters insurance.

Yes, you can transfer renters insurance when you change addresses. Providers usually allow you to take your renters insurance with you when you move. You just need to notify them to change the insured address. You can’t transfer your policy to someone else if they move into your apartment, though. It must stay with you.

Insurance companies understand that you may not stay in your rental for the duration of a policy term. So, when you move, carriers typically have measures in place that allow your renters insurance to follow you.

You should contact your insurer to tell them you’re moving and provide your new address. As long as your provider operates and offers insurance in your new location, you should be good to go. It’s as simple as that.

There’s a possibility that your rates may change depending on your new address. Location matters when determining renters insurance premiums, and if you move to an area with a higher crime rate, for instance, your insurer may raise your rate to offset the increased chances of a break-in.

Generally, though, it should be a pain-free process as long as you reach out to your provider. You don’t need to cancel your policy when you move unless your provider doesn’t offer coverage in your new area. If you do end up canceling and needing a new company, you should be refunded the premiums that covered unused months in your policy if you paid in full at the start of the policy term.

For instance, in a very simplified example, let’s say you paid $300 for 12 months of renters insurance, which comes to $25 per month. After ten months, you rent a place and move to a different location where your insurance carrier doesn’t offer coverage, so you cancel your plan to get a new one. 

You used 10 months of your policy, which comes to $250. Depending on your provider and the wording in your policy, you may be able to get refunded the $50 for the last two months of your policy that you didn’t end up using when you canceled. 

If your new landlord requires renters insurance, you should change the address on your renters insurance policy that you plan to transfer before you move in. If you’re getting a new policy altogether, you’ll need to have it in place before you move in.

Most insurers offer a way to change your address on your policy. A major carrier may have a way to do it online or through their app. Or, you can call. To initiate a change, you’ll need your new address.

The change of address may take a couple of days to process, but you should still be covered in the meantime.

You can’t transfer renters insurance to someone moving into your apartment, even if you’re subletting. The policyholder needs to live at the insured address because this is the only person that can file claims (unless you add someone as an additional insured).

You also can’t transfer your renters insurance to a roommate taking over the lease. When it comes to roommates, you can add them as additional insureds on your plan. 

An additional insured arrangement is common for certain relationships where the policyholder will be working closely with someone else in a way that necessitates insurance coverage. No matter what insurance you have, If you add an additional insured to your policy, they have coverage under that plan.

For renters insurance, if you know your roommates well and trust them, you may be comfortable adding them as additional insureds on your renters insurance if you were the lease signer. Otherwise, it’s not a bad idea for all tenants in a rental to have their own separate renters insurance.

You also can’t transfer renters insurance if you’re moving to a new location where your current provider doesn’t offer coverage. This might happen if you’re moving to a new state.

If your current renters insurance provider won’t cover you in a different state, you’ll need to cancel your policy (if you’re moving before it expires). Then, you’ll need to get a new policy with a company that operates in your new location.

If you end up changing renters insurance companies, you should cancel your initial policy after you move so you don’t end up paying for two policies. As mentioned earlier, you can be refunded the unused portion of your plan if you paid for it all upfront. 

If you pay renters insurance monthly, you could pay the premium for the month that you’re moving, then cancel the policy for your old place after that month. You may need to secure renters insurance for your new place before you move in if it’s required by your landlord, which means you may have an overlap of insurance policies for a month. This is why it’s easier to transfer your current policy instead of changing it if you can help it.

If you’re moving, your initial renters insurance policy may cover your new place for a limited amount of time if you don’t get another policy right away. Renters insurance covers certain personal property, even when it’s not at your residence, on a limited basis. Often, coverage for items not at your residence is up to 10% of your personal property limit. 

But, you can’t knowingly live at an address other than the insured address and expect coverage. The wise move is to invest in another renters insurance policy whether it’s required or not.

It also isn’t recommended to have two renters insurance policies for one place. You don’t receive any extra benefit, as you can’t file claims to both insurance companies in case of damage.

If you’re looking for a renters insurance policy for a new place you’ve moved into, you should compare quotes from several providers so you can be sure you’re getting the best deal. At Clovered, we make this easy.

We partner with some of the country’s top carriers, and we have a team of licensed agents prepared to find the coverage you need at the price you want. Go through our online quoting platform, or contact one of our agents to get started.