Do you have a move planned? Many changes and expenses will need to be incurred. In addition to the administrative formalities to consider, you also need to think about your home insurance. What should I do with my home insurance when I move? This is one of the questions that often crosses the mind during a change of residence.
Cancellation of your home insurance contract
When you plan to change your residence, you are required to notify your insurance company of any change in situation. If the change of residence leads to a modification of the covered risks, either by the insurer’s or the insured’s decision, there is a possibility to initiate a cancellation of your home insurance contract.
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According to the Hamon law of July 26, 2014, which came into effect on January 1, 2015, the insured has the power to cancel their contract after the first anniversary of their home insurance. To do this, you must send your insurer a cancellation request for your contract by registered mail with acknowledgment of receipt, along with a supporting document for your change of residence.
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Are you having trouble writing your cancellation letter? No worries, refer to the Document Gratuit website. You can download a free letter template for your cancellation request there. You will also find on the Facebook page of Document-Gratuit.fr all the latest news from the site as well as many document templates that are easily downloadable and completely free.
After sending your letter to the insurance company that covers you, the cancellation of your contract will take effect one month after the receipt of said letter. You will not incur any costs for this contract cancellation, and in case of a premium already paid, any excess will be refunded to you on a pro-rata basis.
Possibility of transferring the insurance contract
For your move, it is not mandatory to cancel your home insurance contract. Indeed, depending on the characteristics of your new home, you may be able to transfer your contract without a break in coverage.
The transfer of the home insurance contract involves adapting the coverage of your insurance to the specifics of your new residence. This adaptation takes into account the environmental conditions of the new geographical area (flooding, droughts, floods, etc.), the type of dwelling (apartment, house, etc.), the number of rooms, the value of your belongings, the presence of parking, a pool, a basement, a conservatory…
Other alternatives regarding your change of situation
Since there may be a period when you have both homes at the same time before fully settling into the new one, home insurance provides the possibility of being covered for both homes. Thus, your first contract does not necessarily end when the other one begins. You will just need to inform your insurer of the period during which you wish to guarantee insurance for both homes.
However, in the case of forgetting to notify your change of residence, even if legally you do not incur any penalties, the consequence remains that you will owe your insurer the cost of the home insurance related to your old residence, even though you no longer reside there.