Moving to a new home can entail some work – and the packing and unpacking of boxes is oftentimes just the tip of the iceberg. That’s why it can be easy to see why sometimes the minute details could be overlooked.
Take, for instance, your insurance coverage. While insurance is considered a “necessary evil” by some (primarily due to its premium cost), it is essential to have protection in case of the unexpected – and oftentimes costly – events that may occur.
When you make a move to a new residence, it could mean that the cost of your insurance may change. This price change could be either up or down, depending on the specific circumstances.
For instance, when it comes to your home owner’s insurance policy, the type and size of your new home, as well as its location, can be key components of the premium price you are charged.
But, while it is obvious that your homeowner’s insurance premium may change when you make a move, there are other coverages that could also have a different price for you going forward. These could include the following:
There are a number of items that could change with regard to your auto insurance rates when you move. For example, the distance that you travel to and from work will likely be different – either making your employer closer or further away, which in turn, has an impact on your vehicle insurance premium.
Likewise, there are other criteria that could also cause your auto insurance rate to change after you have moved, such as:
- Where the vehicle will be parked (i.e., street parking will usually cause higher auto insurance premiums than garage parking)
- The type of area you live in can also be a primary factor in the cost of your vehicle rates. In this case, city dwellers are usually charged more, as there is a higher chance of theft or vandalism.
Your health insurance rate could also change following a move. Depending on where you move, you may have new policy options that are available to you, as well as different prices and savings.
If you’re making a move soon, having an experienced real estate agent on your side can be beneficial. Contact us and we will provide you with tips on how to make your next move a successful experience.