Some events have profound effects on our lives and moving is certainly one of them. Moving changes the way you travel to work and spend your free time. It can also change your insurance coverage. Your new environment certainly impacts whether or not you still have adequate coverage.
The most obvious insurance change will likely be with your auto insurance. A move further away from where you work means more time spent driving. More time on the road or in more congested traffic areas can translate into greater risk, and increasing your risk usually translates to higher rates. Alternately, moving to suburbia or closer to your employer could mean fewer miles driven or safer driving conditions, and ultimately, lower premiums.
If your auto insurance premiums do go up as a result of your move, there are steps you can take to lower them. You can raise your deductibles or install anti-theft devices in your car. Buying multiple insurance policies, such as your auto and homeowner’s policies, through the same company will often get you a discount, too.
A new home is a major investment you want to protect, so you need to examine your homeowner’s insurance to be sure it still accomplishes that goal. A new home brings with it a whole new set of factors on which your insurance premiums are calculated. Keep in mind that your new location may require different coverage levels than your previous one. For example, if you previously rented and are now moving into an owned house your coverage will need to increase to cover your home. It is always best to speak with a licensed Insurance Advisor to determine the coverage you need for your new home.
Auto and homeowner’s insurance are obvious insurance coverages you will want to amend after moving, but one coverage you may not consider reviewing is your life insurance. Chances are your current life insurance coverage is no longer adequate. You may need to increase your coverage to adequately reflect your new mortgage commitment and new household expenses so that your family is provided for should something happen to you.