I’m planning on moving to a new apartment. How soon should I start to look for a new renter’s insurance policy?

Renters insurance is one of the most affordable ways to protect your property and your finances. When you are planning to move, it is important that you do not cancel your existing policy until your stuff has been moved, and that the new policy is in force when your property arrives. Unless you are using the property regularly prior to moving in, you will not need insurance on it until then.

You can start shopping for renters insurance right now. You can also contact an insurance agent directly. Even if you are not going to move for months, you may find a company that offers substantially lower rates than what you are already paying. Use this website to get a free online renters insurance quote, compare that with some other insurance companies, and get a good idea of what your costs for the new policy are going to be.

A little more than month prior to the move date, set up a policy with the insurer of your choice. Insurance companies will let you apply for the coverage and put it in place at a specified future date. In your case, the policy should be effective as soon as you or people who represent you are entering the property on a regular basis. That will provide you with liability insurance if something should go wrong and property get damaged. Six weeks may seem premature, but there is another step to getting your insurance moved.

When you have set up the new policy, write a letter to your current insurance company informing them that you intend to cancel the policy. Set the termination date for 1 week after your move is expected to be complete. That will give you an overlap of coverage in case of a delay in move. Most insurance companies require a 30 day notice of intent to cancel, so setting up the other policy early makes it possible to define an exact date when you want to end the current coverage.