Here is your favorite answer: CAN.
The answer depends on the type of home insurance you have. Let's take a quick look at the basic types of homeowners insurance policies.
Examples of homeowners' insurances
- Homeowners (HO3)
- Tenants (HO4)
- Condominium (HO6)
The words in parentheses refer to the insurance contract / form (industry abbreviation). HO stands for homeowners, so you can easily see that they are all a form of a policy for homeowners. Homeowners and co-op policies are for homes you own and live in and tenant insurance is for a place you rent, but do not own. Co-operative insurance also insures at least part of the home and includes content. The tenant's policy only covers your content ̵
So you MAY transfer your homeowner from one house to another, but again it depends on the type of insurance you have.
Example of homeowners insurance where you can not transfer from one home to another
Using the abbreviations above, the HO3 form is one where 99.9% of the time you cannot transfer. The reason is simple – HO3 forms insure a specific place (and then home) and you can not just exchange one place / home for another.
Here is an example of a policy formulation for a HO3 from one of our companies.
PROPERTY PROTECTION SECTION I – OUR PROMISE – Housing coverage "We" pay for loss to: 1. "your" home in the "residential area" is shown on "Explanations."
The last part of that sentence is the reason why you can not transfer your homeowners from one house to another when you insure the home. It says "In the living quarters shown on the declarations."
The policy is SPECIFICALLY written for the premises shown in the declarations. When you change premises to another, the insurance does not apply.
So a new insurance must be written for the NEW residential premises.
Examples of homeowners insurance where you CAN be able to transfer from one home to another
Co-operative policies have some coverage for the home, but are mostly designed to insure contents. The idea is simple – most apartments are owned by the apartment association with the owner who is responsible for insuring from the plaster wall inwards, so there is not much need for housing coverage.
So it MAY be possible to simply change your location. This varies by company, so you should check first. If allowed, you can update your location address and you will probably need to answer some additional questions about the new location.
Example of homeowners insurance where it is VERY possible to transfer from one home to another
Since we do NOT insure the home for coverage, the tenants' insurance does not have the insurance language you saw in the first example above. So the chances are pretty good that you CAN transfer the tenant from house to house. Your insurance agent may need additional information, but a simple change of address should not be difficult.
NOTE! All of the above examples assume that you stay in the same state. Because insurance laws are determined by each state and insurance companies / agents must be licensed by the state, you may not be able to make any transfer if you move to a state where your insurance company / agent is not licensed. When in doubt, ask your agent!
Hopefully this gives you a better idea of the situations where you get a "yes", a "maybe" and a "no" It's pretty clear what type of Ohio homeowner decides if you can transfer from a home to a Other. As always, contact your agent to see what you can do.
Need help with your home insurance in Ohio? Call us at (937) 592-4871 or fill out the form below. We are happy to review what you have and see how we can help!