Moving Insurance in Australia: What You Need to Know
Moving to a new home is an exciting yet stressful experience, and ensuring your belongings are protected during transit is crucial. Whether you're relocating within the same city or moving interstate, having the right moving home insurance can save you from unexpected costs due to damages or loss. In this guide, we’ll cover everything you need to know about transit insurance for moving house in Australia, from cancelling and transferring policies to finding the best transit insurance Australia has to offer.
Preparing to Move Home
Before you start packing, it’s important to take inventory of your possessions and assess the value of your items. Some key steps to prepare for your move include:
- Decluttering and disposing of unnecessary items to reduce moving costs.
- Creating a detailed inventory list of valuable items.
- Checking with your current home insurance provider to understand your coverage.
- Researching moving insurance options if your current policy doesn’t include transit coverage.
Many Australians don’t realize that their standard home insurance policy may not cover their belongings while in transit, which is why one-off transit insurance can be a smart choice.
New House Checklist Make sure you have everything you need for your new home with our moving house checklist
Cancelling Home Insurance
If you’re moving out of a home you own and no longer need coverage for that property, you may need to cancel your existing home insurance policy. Steps to cancel your policy include:
- Contacting your insurer and providing them with your move-out date.
- Ensuring coverage remains in place until you vacate the property.
- Checking if you are eligible for a refund on any unused portion of your premium.
However, if you’re moving to a new home, transferring your policy may be a better option.
Transferring Home Insurance
Instead of cancelling your policy, most insurers allow you to transfer your home insurance to your new property. This process may involve:
- Updating your address and property details with your insurer.
- Adjusting your coverage if your new home has different risk factors.
- Comparing policies to ensure you’re getting the best deal.
Providers like NRMA transit insurance and AAMI transit insurance offer flexible options for homeowners looking to continue their coverage when moving.
Transit Home Insurance (While Moving)
Your household items are at the highest risk of damage while being transported. Transit insurance Australia policies cover your belongings against risks such as:
- Accidental damage
- Theft
- Fire and vehicle accidents
Some moving companies provide insurance, but it’s always a good idea to check if it offers sufficient coverage. If not, standalone one-off transit insurance from providers like AAMI transit insurance or NRMA transit insurance can be a reliable solution.
Moving Home Insurance Cost
The cost of moving home insurance can vary significantly depending on several factors:
Value of items being transported
For lower-value items, basic coverage might suffice, with costs ranging from $10 to $50 per day. However, for high-value items like electronics or jewelry, additional coverage can increase costs by $20 to $100 or more.
Distance of the move
Local moves typically cost between $20 and $60 per day. For interstate or long-distance moves, the cost can range from $50 to $150 per day, depending on the distance and value of the goods being moved.
Type of coverage
Basic coverage might be sufficient for many, but comprehensive coverage will usually cost more. Comprehensive plans can add 20-30% to the premium, with costs ranging from $50 to $100 per day for higher-value items.
Example of AAMI's pricing
AAMI’s transit insurance typically starts at $15 per day for basic policies. More comprehensive plans for high-value items can cost between $50 and $100 per day.
Best Home Insurance Providers in Australia
When searching for the best moving home insurance, there are several top providers in Australia to consider. NRMA is well-known for its comprehensive moving insurance options, while AAMI offers affordable one-off transit insurance for moves. Allianz provides flexible moving home insurance across states like NSW and QLD, and QBE covers accidental damage and loss during relocation. Youi, on the other hand, offers tailored home and contents insurance that includes coverage for moving.
New House? – Get set up now!
Set up utilities at your new home in just one click!
Ensuring a Stress-Free Move with the Right Insurance
Moving to a new home is a major milestone, and ensuring your belongings are protected with the right moving home insurance is essential. Whether you need transit insurance for the move, a one-off policy, or want to transfer your home insurance to your new property, there are plenty of options available in Australia. It’s important to compare policies, check the moving home insurance cost, and choose the best plan to suit your needs for a smooth, stress-free move. If you need help selecting the best transit insurance available in Australia, researching providers like NRMA, AAMI, and others can help you find the right coverage for your relocation.
Need to connect your new home to electricity and gas?
Discover the latest offers and get connected!
