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  • Writer's pictureBenjamin Klein

Insurance Considerations When You're Moving

You're surrounded by boxes and the last thing you're thinking about is your insurance. Well, maybe you're thinking about your homeowner's or renter's insurance, but likely not your medical, dental, life and additional insurance policies.

As you're determining which drawer the forks should go in and which new sofa would look great in the living room, keep these insurance-related tips in mind:

Change Your Address

Most people will set up mail forwarding through the United States Postal Service, however, that's a temporary, and not always perfect, fix. At some point, you'll tell your employer about your new residence, as it could impact where your paycheck and other important documents are sent.

Your address also needs to get updated with any insurance companies you're covered by, like medical, vision, and dental. You certainly don't want future ID cards, Explanations of Benefits (EOBs), and health information in the wrong hands. It's unlikely that the new tenants are going to pay any hospital or dental bills received at your former address.

Find Urgent Care

You're transporting boxes from room to room, and, all of the sudden, you throw your back out.

Where's urgent care?!

If you've moved more than a few miles away, there are likely new places you'll be going. Maybe a new grocery store, restaurant, gas station, etc. It's important to also locate where the nearest urgent care center is, too.

A quick Google search should be sufficient, as, urgent care centers are typically all over the place. Some specialize in services for children, orthopedic issues, and more. They may be more appropriate than the emergency room for the level of care you require. Make sure that the urgent care centers near you are in-network with your medical insurance carrier. You should be able to find your cost for the visit in your Benefits Guide.

Investigate Life Insurance

One of the top reasons why people buy life insurance is to pay a part or all of a mortgage. You should consider your options, especially if you're not the only person on the mortgage.

Let's say that it's you and a spouse who bought the house together. Both incomes likely went into the equation to determine what you could purchase. What if one of you passes away? How will the other be able to afford the mortgage solely on their income? Life insurance.

If your mortgage is $250,000, look into life insurance policies that would pay out at least $250K. The same goes for a $500K mortgage, $750K mortgage, $1M mortgage, and any other figure. Term life insurance could be a good solution, as your premium is fixed on a number of years. Back to the $250K example. Let's assume it has to be paid off in 30 years. Well, let's check out a 30-year term policy with a death benefit of $250K.

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