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New Mexico State University

New Mexico State University

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Take Care of Financial Loose Ends When Moving

LAS CRUCES -- Most people remember to close bank accounts and send change-of- address notices to creditors when moving, but some financial tasks are often overlooked. Consumers can do a lot more to ease their financial transition, said a New Mexico State University consumer education specialist.

"Opening a checking account in the new location a month or two in advance can help you get established financially in a new community," said Susan Wright with NMSU's Cooperative Extension Service. "Savings accounts also can be transferred."

Movers can review their files at local credit bureaus for accuracy and completeness, then request that files be transferred to a credit bureau where their new home will be located, she said.

Insurance is another detail to consider before a move, Wright said. People who are moving should check their property, health and auto insurance policies to ensure that coverage is provided during the moving and settling-in process. Some insurance companies only provide coverage in certain states, and movers may need to find a new company.

"Confirm that homeowner's or tenant's insurance covers household goods while being transported or stored. If you do need to purchase coverage for goods in transit, review the options offered by your mover and your insurance agency," Wright recommended. "Purchase more than the minimum coverage on your possessions, because the minimum values are based on weight rather than the actual value of the belongings."