Posted : 01/19/2007
When size matters
If you've chosen to buy another single-family home, you'll be looking at the same type of homeowners policy as you have now. However, you're likely to see a change in your premium (i.e., the amount you pay). That is because the amount of protection you choose is based in part on your home's value, which in turn affects your premium.
Life in a condo
Moving from a house to a condominium can be a big adjustment. When you buy a condo, it typically means that you own your individual unit and a percentage of the common areas. Review (or have an attorney review) the condo documents before you purchase your condo. These documents include:
Don't just browse through these documents. Read them carefully, because they'll answer important questions like:
Show the master insurance policy to your insurance agent to get the right amount of coverage. You're likely to find that your condo insurance is less expensive than your homeowners insurance. That is because you're no longer paying to insure an entire building. Now, you're paying only to insure your unit.
Renting has its advantages
As a renter, you'll enjoy greater freedom than you did as a homeowner. If you sign a typical one-year lease, you're responsible for paying rent (and not causing damage) and your landlord is responsible for maintaining the building. So if something breaks (e.g., plumbing, windows, appliances), you call your landlord, and hopefully the problem will get fixed in a short amount of time, costing you nothing.
You'll even get a break on your insurance. That's right--even as a renter, you should still consider buying insurance. Although your landlord typically has insurance to cover the physical structure, it won't cover your personal property or protect you against liability claims. To get these coverages, you need to buy a renters policy. And fortunately, since you don't have to insure the building, your premiums should be quite manageable.
Get a move on
Hiring movers can make your moving experience more pleasant, but it can be very expensive. Still, when compared to the cost of doing it yourself (time and pain), it may be worthwhile. Whether you hire movers or do it yourself, consider buying moving insurance. Different plans are available, so talk to your moving company or truck rental company for more information.
Please note that this description/explanation is intended only as a guideline.
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