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Homeowners insurance a key concern for movers

September 10, 2010 - Moving entails many important steps, but securing a good insurance policy might be chief among them.

A report by Money Magazine cautioned that homeowner's insurance is a vital part of the moving process, because certain environmental factors at their new location can leave a person's belongings susceptible to damage. Kiran Rasaretnam of InsWeb told the magazine that certain locations are more vulnerable to claims, such as homes near high-flood areas.

Relocating homebuyers should ask for a copy of the seller's Comprehensive Loss Underwriting Exchange disclosure report, which will list past claims on the property. A property's claims history can sometimes increase the price of a new insurance policy, Rasaretnam told the magazine.

Homeowners should also check their own CLUE report before purchasing new coverage, said the report, because their own past claims can cause a rise in their premiums - just as bad credit might inflate the interest rate on their mortgage.

Premiums for home insurance can be expensive, making it even more important for relocating homeowners to research the best price. According to HomeInsurance.com, the average home insurance premium in the country was $637 in July.

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