Many people reach a place in life when they might consider downsizing. If you are a new empty-nester, retiring, or merely looking to simplify your lifestyle, then you have probably thought of it. But there are many factors that will influence this transition, including your home insurance policy. Here are some things to consider about your home insurance when you are downsizing.
In this and many cases, you have to factor in your belongings as well as your house and property when you are determining the overall value. Downsizing almost always involves cutting down the number of your material possessions. This means that, even if you don’t necessarily move out of your current home, the value of your estate could change. For example, if you sell, donate, or give away anything of high value, then take a look to see whether it used to be covered under your home insurance policy.
Change of Location
Of course, moving to a new property will most certainly call for an update in your insurance policy. Whether or not you decide to sell your home, and if you choose to rent an apartment, are all factors that could mean you need a different home insurance policy.
The biggest question you might have is whether downsizing will help you save money on your insurance payments. There are many ways that downsizing itself can save you money. A smaller house will probably mean less expensive utility bills and less time and money on cleaning and repairs. However, the size of the home isn’t the only thing that matters for an insurance policy. A house’s age, location, and more could affect what you pay in insurance. It’s best to talk to your insurance agent before making this big decision.
Get in Touch with Wachter Insurance
Whether you need homeowners’ insurance or auto insurance, our team at Wachter Insurance Agency, Inc. is here to help. We offer all of our clients competitive rates, professional customer service, and a huge range of policies to choose from for your needs. We have been serving Maryland, West Virginia, Virginia, Pennsylvania, and the District of Columbia since 1969, and we would love to help keep your home and family safe every day of the year. For more information, give us a call at (301) 371-6335 or visit us online. For more blogs like these, follow us on Facebook, Twitter, and Pinterest.