Life Events Affect Your Insurance Needs

Moving

Which insurance products should I shop for if I'm moving?
Auto Insurance: A new address means new premiums, so shop around.
Homeowners/Renters Insurance: Shop for new coverage or better rates.

How does moving affect my auto insurance rate?
A new address is likely to affect your automobile insurance needs and premiums. It pays to shop around now to see if a different company is a better match for your new address.
Many factors could have an impact:

• Your average annual mileage changes
• Your new location has a higher or lower concentration of drivers and/or crime
• Your assets change

A move further away from where you work means more time spent driving. More time on the road means more risk, which generally leads to increased premiums. It's worthwhile to shop around with other companies to make sure you have the best rate.

A move into the city means driving on busier roads. More cars sharing the same roads at the same time means more risk. If you are moving to the city for a home or a job, you also will be subjected to higher risks related to crime. Of course moving can also result in lower premiums. A move out to the country or closer to an employer could result in fewer miles driven or safer driving conditions.

How can I lower costs?
If your premiums go up as a result of your move, there are steps you can take to lower them. You can shop around with other companies to find better rates. Or you may be able to raise your deductibles, install safety features in your car, or buy multiple insurance policies through the same company. Understand how to read your auto insurance policy, balance coverage against cost, and shop around to get the best deal possible.

Why should I shop around for home or renters insurance?
A new home means a whole new set of factors on which your rate is based. Get a quote from your current company and shop around for home insurance with other companies as well. You can decide which rate and company best meet your needs. If you're renting, don't be caught without insurance. Make sure all of your valuables are protected.

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