When Americans move in preparation for retirement, moving insurance is usually the only type of insurance that they consider. This is because moving insurance is certainly important: Forbes advises that moving insurance is necessary because moving puts your possessions at risk of damage and theft. Seniors may have belongings that are delicate or have high sentimental value, and a moving insurance policy can help reimburse any mishaps during the moving process.

However, moving can also affect other insurance packages that you've signed up for. Many of these have to be updated in order to remain valid when you reach your new home. Here's a look at some other kinds of insurance to consider before and after you move.‍

Property Insurance

Investopedia's overview of property insurance includes policies like homeowners insurance, renters insurance, flood insurance, earthquake insurance, and many others. These can help ensure you're covered when unexpected situations or natural disasters happen.

Property insurance is calculated to provide a level of coverage unique to each house based on location, replacement costs, types of utilities, and many other factors. Hence, you should contact your insurance broker as soon as you’ve confirmed the purchase of your new home. They will review your current policy —if you have one — and will advise you of any premium increase or decrease as a result of the move.‍

Auto Insurance

Similar to property insurance, auto insurance companies set their rates based on risk —and risk factors vary in different locations. Thus, when shopping for new car insurance, tips on auto insurance savings by Sound Dollar recommend comparing different prices online. This is especially helpful if you're moving to an unfamiliar neighborhood, as you can determine whether you’ll need a full coverage policy should accidents seem frequent in the area.

Because seniors tend to not drive as much as commuters or parents with young children, many are eligible for a usage-based insurance program and a pay-per-mile option. This can be another factor when applying for a lower auto insurance rate.

Make sure to do this within one to three months of setting up residency, inline with the local regulations in states across the country.

Health Insurance

Health insurance is crucial for many Americans, especially since 40.9% of older adults were reported to be covered by private insurance in 2021. A new state or area may be prone to different illnesses, or have higher or lower healthcare fees. Thus, moving means you might need to enroll under new coverage or change plans.

Seniors should try to immediately adopt a new plan without a break in coverage and avoid paying for coverage that can't be used in their new residency.‍

Long Term Care Insurance

Often not covered by traditional, employer-based insurance plans, Long Term Care Insurance is acquired by many older adults to plan for retirement. The main variables in its cost are the health status of the client and the amount of coverage: from receiving healthcare and support at home, at adult daycare centers, and at nursing and assisted living homes.

Similar to health insurance, plans might need to be updated when moving to a new residency because factors affecting health or healthcare may differ. When entering retirement age, it's always best to move to a safe community that focuses on seniors as this will help assure more comprehensive coverage and assistance.

When moving to a Sunbound community, our team will help you navigate the real estate transactions and pack and coordinate with movers, all to guarantee a stress-free relocation. This fresh beginning at a new home is the perfect time to acquire any necessary insurance to guarantee the quality of your life for the years to come.

Sunbound is the best way to pay for senior living. If you want to learn more about how Sunbound can help make senior living more affordable for residents and easier to manage for communities, email us at info@sunboundhomes.com or request a demo here. Sunbound is on a mission to make senior living more affordable for everyone.