Anyone that has ever moved can attest that the process has a considerable impact on everything from transportation to and from work to how and where free time is spent. When considering a move, one change that’s often overlooked is insurance coverage. Often a move will affect whether or not various insurance coverage policies are still adequate.

Homeowners insurance is usually a concern when moving. For the average person, a home will be one of the largest investments they make in their lifetime. What was adequate for previous housing might not apply to the new home. The homeowner will need to assess the differences in their new home versus their previous location carefully to determine if a new policy or transferring previous coverage is best; for example, the new home might be in a flood area or other high-risk area or contain more property to cover. It’s always prudent to research the rates and coverage from several insurance companies.

Auto insurance is also usually impacted in moves further away or closer to employment. A move closer to employment or to a suburb might translate to a lesser risk. Safer driving conditions could mean lower rates. Conversely, a further distance equals a greater amount of driving time. And, this is an equation that insurers view as the driver being a greater risk. A drive that now involves a more congested roadway may also translate to a greater risk. In any event, when an insurer views a driver as a greater risk, higher rates soon follow. In the event that rates are increased from a move, there are a few steps that can help return the premiums to the previous level or at least lower them. The driver might consider increasing the deductible, buying multiple policies through the same insurer for a discount, or installing anti-theft hardware on the vehicle to lower the overall cost of the insurance.

After you have taken care of your Homeowners insurance and Vehicle insurance policies, the next insurance that should be examined is Life insurance coverage. How moving affects Life insurance coverage might not be so obvious as Homeowners and Vehicle insurance. Those that are upgrading their home or purchasing a home with a much higher price tag will most likely no longer have adequate Life insurance. The coverage ideally should be adjusted to account for the increased monetary commitment of a higher mortgage and household expenses. Yes, this is an added cost, but necessary to prevent leaving loved ones unable to maintain the home.

If you have any questions, comment or concerns regarding your insurance coverage, contact one of our licensed Protection Coaches today at 951-600-5751 or 877-994-6787 for the right answers to your questions.

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