How Moving Affects Your Insurance Policies

When it comes to a move and how moving affects your insurance policies, the biggest policy areas impacted when you relocate are coverage for your home and valuables. Your homeowner’s policy or rental insurance can change significantly depending on where in East Texas you move.

There are many variables that might influence any changes to your home insurance or renter’s insurance.

The likelihood of natural disasters impacting your home is one of the main elements considered in any insurance policy that covers the structure and valuables of a home space.

East Texas experiences some major storms, so any houses that are deemed likely or possible to flood, for example, are going to be paying significantly more for their insurance policy. Some insurance providers aren’t even insuring homes now considered in flood zones, so it’s very important you do your homework before a big move and know what is covered when it comes to your home and valuables.

Are you moving to an area that’s known for being impacted by wildfires? If you’re not sure, it’s an important detail to find out and then speak to a local insurance provider like Bosworth & Associates about how your move might affect your insurance policy.

Auto insurance is another insurance policy that could be affected by a move.

Your auto insurance rates are impacted by numerous factors such as your age, driving record, etc. The insurance premium for your car or truck insurance also depends on where you live. If you live in an area prone to auto theft or damage to cars, your insurance rate might go up. However, if you move into an area with less known risks, your insurance premium might go down.

If you relocate to a neighborhood that necessitates a longer daily commute, and the mileage and driving time on your vehicle increases, you also might see a rise in your insurance rate. Again, however, if you move to a place where your driving time is reduced or risks to your vehicle are smaller, it’s important to contact your insurance agency and let them know, as you then might be eligible for a small rate reduction.

 

When was the last time the home you’re moving into was inspected?

Do you know how old the roof is? When was the last time the electrical wiring was updated?

Especially if you’re moving into an older structure, it’s important to inspect the home for any problems with electrical wiring, plumbing issues, structural concerns, etc. Such problems with a home could significantly raise your insurance rates and cause you expensive fixes down the line.

Before you move, it’s important to speak with your insurance agent and find out exactly what your insurance provider needs in terms of inspections, documentation, etc. to be on top of any prospective changes in your insurance policy.

As a small town insurance provider who’s been trusted by generations of families in Tyler, Texas and beyond, Bosworth Insurance Agency has assisted many people as they make the big changes in their lives, moving being one of the biggest life changes a family or individual can experience.

While difficult and a lot of work, a move doesn’t have to be stressful when it comes to your insurance policy and how it is impacted by your move.

If you’re moving to East Texas from another state, one major detail you need to handle is finding out how changing states might impact affect insurance policies.

If you’re moving from somewhere that’s not in the path of large storms and sometimes the occasional hurricane, you’ll definitely need to investigate how natural disasters such as major weather events or forest fires might impact your insurance rates and deductibles.

 

When you move, making a budget is a crucial step in the moving process.

It’s important to include any changes in your insurance policy to that budget, as there are many factors in a move that can affect any or all of your insurance policies.

You could take a major financial hit at a particularly inconvenient time if you don’t research ahead of time how your move will impact your insurance policy.

 

While contacting your local insurance agency and updating your policy might not be top on your to-do list when it comes to your big move, it should be.

Whether it’s homeowner’s insurance, vehicle insurance, health insurance, etc., having insurance to protect you, your dependents, and your assets in the event of the unexpected is a necessity.