How do I avoid a gap in coverage when I buy a home and stop renting?

Time your renters and homeowners policies so one ends as the other begins, with no uncovered day in between. Buy the homeowners policy to take effect on your closing date — lenders require proof of it before they'll fund the loan, so you'll arrange it in advance anyway — and keep your renters policy active until you've moved out of the rental and your lease obligations end. There's usually a short window when you're responsible for both places, so a brief overlap is normal and worth it. Make sure your belongings are covered during the move itself, since transit gaps catch people off guard. Don't underinsure the new home: base dwelling coverage on the cost to rebuild, not the purchase price, and add coverage for any new valuables. If you're a first-time buyer, walk through the bigger picture at wealthserene.com/for/first-time-home-buyer.