fbpx

long-distance-movingAnyone 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 most on the forefront 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 carefully assess the differences in their new home versus their previous location to determine if a new policy or transferring previous coverage is best; for example, the new home may be in a flood area or otherwise high-risk area or contain more property to cover. As an agency, RogersGray will take the time to research the rates and coverage from several insurance carriers on your behalf to ensure that you have the best coverage possible.

Auto Insurance is also usually impacted in moves further away or closer to employment. A move closer to employment or to a suburb may 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 agent for a discount, or installing anti-theft hardware on the vehicle to lower the overall cost of the insurance.

After attending to your Homeowner’s Insurance and Auto Insurance, the next insurance that should be examined is life insurance coverage. How moving affects life insurance coverage might not be so obvious as homeowner’s and auto 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 should ideally 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.

Contact a RogersGray representative for more information regarding the necessary steps to change your Personal Insurance policies.

Contact Us

434 Route 134
South Dennis, MA 02660

Phone: 508-619-4545

Fax: 877-816-2156

24 Hour Emergency Claims Center:
866-709-8001

 

Subscribe

Get helpful tips, and insurance insights delivered right to your inbox!