Moving to a new location can affect your insurance in many ways. Here’s what you should consider regarding your home, renters’ and auto insurance to insure you’re well-protected.
Notify Your Insurance Company As Soon As Possible
As soon as you know your new address and the date you’ll move in, give your insurance agent a call. You don’t want to find yourself without homeowners insurance or renters insurance and it only takes a few minutes to notify them of the change.
You May Need To Verify Your Address
In some instances, your insurance company may ask you for documents to verify your address. This usually occurs when the address on your credit report doesn’t agree with the address on your policy or quote.
Your insurance company may ask you to provide a recent paystub, W-2, license, or utility bill to verify your zip code and prevent insurance fraud.
Your Rate Could Change
If you stick with the same insurance company you’ll retain your loyalty discount. Nonetheless, your rate could change if you live in a new zip code as your insurance company bases your premium on your location.
When moving out of state, your rate is more likely to change as rates often vary between states. For instance, the average Florida homeowners insurance policy costs almost triple that of Rhode Island.
Don’t Forget Your Auto Insurance
When you stay in the same state your agent can modify your existing policy. However, when you move out of state you may need a new auto insurance policy and then you’ll cancel your old one.
Every state has their own regulations and requirements, so you’ll need to discuss your needs with an agent in your new area. Your current agent may be able to refer you to someone in your new location.
Special Considerations for Two Residences
Many people maintain two residences in separate states or a vacation home away from their principle residence. If you keep a vehicle at the second location, you’ll need a separate policy for it and one for the vehicle at your principle residence.
If you spend part of the year in a seasonal residence, you should carry insurance on your vehicle in the state you’re living at the time. Simply cancel the policy once you leave the state to avoid paying dual premiums.
However, if you leave your vehicle behind when you travel you’ll probably want to maintain your coverage, including comprehensive. Otherwise, you won’t be protected from the costs associated with damage or loss caused by events beyond your control. These include theft, vandalism, falling trees, and more.
Working & Living in Different States
You should buy your policy in the state you spend the most time and call home. You don’t need another policy if your daily commute involves traveling to another state for your job. You only need another policy when you leave a second vehicle in another state.
An independent insurance agency like ours is here to be your trusted advisor. If you have any questions or concerns, give us a call. We’re industry experts that can help you make your transition to your new home as smooth as possible.