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Own Home in One State, Moving to Another for Grad School, Help!


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I experiencing much confusion, stress, and concern regarding my move to Arkansas for grad school. I was notified last week that I got an assistantship and that only gave me 10 days to move. I own a home in my current state that I will be renting to a friend when I go in what is now 48 hours (!!!). My stepfather told me I would have to call my insurance company to notify them I am moving to a new state.

Unfortunately, when I did that, the insurance company said I would have to drop my homeowner's policy, get a fire dwelling policy (landlord policy basically), get rental insurance for my University apartment (which is free as part of my compensation but which is technically rented to me), and change auto insurance. These changes will literally TRIPLE my insurance premiums for the same coverage and deductibles. That and the vast majority of my things are staying in the home I own, and evidently the fire dwelling policy I am required to get will not cover my belongings. Is anyone insurance-saavy? Do I really need to drop my homeowner's insurance and take this fire dwelling policy? Do I have to surrender my driver's license to get one in the state I am moving to? I am wondering if the insurance companies "talk" to each other, e.g., if there is now a flag tied to my name and social stating I am moving to a new state, so that I have to get this policy rather than just switching insurers and not telling them I will only be in the home 25% of the year. Any insight is greatly appreciated.

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My understanding of renter's insurance is that it covers your belongings regardless of where they are. As far as car insurance, rates vary widely from one state to the next. That may account for some of the increase in premiums, depending on where you will be moving to/from. That said, have you considered requesting information from other insurance companies both about what you legally need and what they will charge for you to have this?

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