Relocating a house is an exciting endeavour, whether it’s to become your own home or generate additional rental income. However, understanding insurance coverage during the moving process can be complex. At The Relocatable Home Co., we believe in providing clear and concise information to make the process straightforward for you.
In this article, we outline the recommended insurance coverages for each step of the house relocation process, ensuring your newly acquired asset remains protected from start to finish.
There are four basic steps for insurance cover for the duration of your house relocation project and beyond. Some of the insurance cover discussed below you will need, and some may not be required.
Step 1: Pre-Relocation Insurance
Before any work begins on your house, it is essential to have insurance coverage for accidental loss or damage. This policy safeguards your investment, covering the purchase price in the event of unforeseen damage.
Step 2: Transit Insurance
Once your house is ready to be moved, transit insurance becomes crucial. This coverage protects the purchase price of your house, including freight, from the moment it is lifted off its current foundation. It remains in effect throughout the entire transit process until unloading onto temporary or permanent foundations.
Step 3: Contract Works Insurance
As your house is placed onto its new piles and undergoes necessary connections, additions and alterations, contract works insurance takes effect. This policy provides comprehensive coverage during this stage of the relocation project.
Step 4: Domestic House Insurance
Once your house becomes “habitable,” the contract works insurance policy automatically expires, regardless of the contract’s expiry date. To ensure ongoing protection, you’ll need a replacement house insurance policy tailored to your needs.
Would you like to know more?
For more information on relocating a house, download our free Buyer’s Guide below.