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Large house for saleSince kids have moved out, you have decided it’s time to downsize. Now that you have an empty nest, you may not want the costs and space that go with a family-sized house.

Downsizing means facing uncertainties that you may not have faced in your old home. Make sure you carry the correct homeowners’ insurance for your new nest.

Moving? Don’t Simply Transfer Your Home Insurance

When downsizing, you might feel tempted to keep your existing homeowners insurance. On one hand, yes, you still need strong coverage. However, you need coverage specific to your new home. Each home is different. So, your existing policy may not cover your new home as adequately as it did your previous property.

You usually can’t just change the address on your existing insurance and expect it to cover your new home. Downsizing will require you to make a comprehensive analysis of your homeowners coverage. You may be able to keep your policy with the same company. But, you often have to make shrewd adjustments to this coverage to extend it to the new home.

Downsizing might also trigger a desire to cut the coverage levels of your policy. Smaller homes with less value might need less coverage. However, don’t cut indiscriminately. Review the value and risks present on your property. You may need to actually increase certain coverage limits.

Look at the New Home’s Value

The value of the new home is one factor that will help you determine how much coverage you need. You will need adequate coverage to repair or replace the home after a destructive event. Experts usually recommend that you buy enough coverage to rebuild the home.

The structure of this protection can often vary, so talk to your insurance agent about what’s right for you. Remember, if you have a home loan or financing, your lender may require certain coverage.

Adjust Your Liability Insurance

Liability insurance can protect homeowners from injuries or property damage they cause to other people. Carefully look at any outstanding liability risks present in the new home. Think about how they could harm others. Talk to your agent about the best ways to structure your coverage. Keep in mind, your liability coverage will likely no longer extend to children who no longer live at home. Therefore, you may need a lesser level of coverage.

Change Your Personal Property Coverage

Downsizing means you will likely get rid of a lot of personal property. Therefore, you can often reduce your existing personal property coverage limits. Yet, ensure that your coverage still extends to the most valuable items you own. You can usually strike a balance between savings and adequate protection.

Downsizing and need Baton Rouge homeowners insurance? Let The Louisiana Insurance Center help. Call us at 225.292.7680 for a fast, free policy quote.

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